As we step into 2023, there’s uneasiness about the economy and how it will affect local advertising. BIA has been examining impacts from all angles.
In this Leading Local Insights Podcast: Successful Selling in Uncertain Times, BIA’s Nicole Ovada, VP of Forecasting and Analysis, speaks with C. Lee Smith, CEO of SalesFuel to identify strategies that can be used to improve sales outcomes immediately. They also offer suggestions on how to answer questions like: “Where’s the best place to advertise during a recession?” and “Sales are down, so should I cut my ad budget?”
Lee shares key anecdotes from SalesFuel’s AudienceSCAN® that go directly to the heart of ad spend during a tight economy. First, the study shows that consumers viewed stores that used to advertise and then stopped advertising as stores that might be in trouble. This is not the message advertisers want to send in the marketplace and local sellers can use their full portfolio of offers to help their customers stay visible.
Second, the AudienceScan survey shows how a business that reduces spend while a similar competitor doubles their ad spend ends up putting their business at risk of losing 15% market share in the short (and long) term. Lee discusses using co-op funds when ad spend is tight.
Get more tactical selling ideas to kick off the quarter in the podcast. Listen now.