Link: P&G forecasts ‘buyer’s market’ in advertising
Too bad I’m on the agency side.
In the long run, this is a bad thing for the Advertising industry. Companies- big, important ones that others look to for guidance- are telling everyone that advertising is not that important. That it’s expendable.
Well guess what? It ain’t. Unless all your competitors are also scaling back on Advertising the same rate you are, you’re gonna lose market share. And when the economy turns and there’s money to be spent on ad campaigns again? Well, those who cut the most will be stuck playing catchup longer.
Brands cannot afford to be forgotten. Especially in this economic climate, you want people to remember your name, your product.
In my opinion, one company that’s doing it right is Hyundai. At the beginning of the year, they started the Hyundai Assurance Program campaign, which went far beyond any other car company’s Unique Selling Proposition at the time. Of course, GM has had their rejoinder. I watch broadcast TV a lot, and I can tell you that Hyundai commercials are becoming more plentiful (either that, or just more memorable). And look at the results: Hyundai has not only strengthened their brand retention, but has also increased sales. Now that’s good media planning!
