How to Survive a Recession
(Bet you know where we're going with this one.)

     Growing your market share in a downturn can be as simple as getting (and keeping) your name out there. During times of recession, keeping a constant cash flow can be the difference between growth and the grave, but what do you do after you’ve exhausted all of your resources and cut costs in every department? Most business owners recognize that you have to pay your employees, you have to pay the bank, you have to pay your suppliers and, of course, you have to pay your taxes. What isn’t always so obvious is that while most businesses are cutting costs in every area, there’s one area that you will want to maintain or even increase spending.
     According to a MarketSense study, during the recessionary period between 1989 and 1991 many well-known companies were able to increase their market share tremendously simply by advertising more. Jif® Peanut Butter increased advertising and saw a 57% rise in market share while Kraft® increased their salad dressing’s market share by 70%. Pizza Hut® and Taco Bell® increased by 61% and 40%, respectively.
     Increasing advertising in a down market can result in significant market share gains. What can advertising do for your business? There are a number of benefits, the most important of which may be just letting people know that you’re surviving despite the rough times. If you’re surviving, then people will assume that you must sell a good product or service. It’s also good for employee morale. By advertising when no one else is, you have the opportunity to bring in new business and open up new markets. When people see or hear your ads they’re likely to keep your name circulating by word of mouth.
     While all of your competitors are cutting their advertising budgets to stay afloat, you can be promoting your business and picking up all of the business they are missing. When the recession is over and business is booming again, you can be head and shoulders above the competition.