Imagine for a moment that you're on the floor of the stock market. Everyone is yelling and screaming. No matter how loud you shout there are other voices also shouting, trying to be heard. This is the world of advertising.
Now imagine a much quieter place where your voice can be heard, where people will pay attention to you. Where you don't have to compete against as many loud voices. This is the world of advertising in a down economic cycle.
Though art is a lot different than a consumer product, there are also a lot of similarities. For instance an art buyer may only select one piece of art... yours or someone elses. It's competitive out there.
But in a good economy there is more money to be spent and there are more voices screaming loudly. In a bad economy people will still buy art, though it will be fewer people and they will probably lower their spending level. One gallery tells me he is still selling, however the big spenders are buying less expensive works. But they are still buying.
Its important to remember that not everyone is in your shoes. Yes the economy impacts us all, but we all know plenty of people with incomes, high net worth who have not cut back. Two major investment banks announced this week that they will give a total of 8.5 billion in bonuses to their executives. Don't be fooled into thinking there is no money or spending going on.
In a good economy there are lots of people advertising. (Loud voices) In a poor economy people cut back and spend less, therefore smart marketers know that their advertising (their voice) will stand out more because there is less clutter. As a result this is a time when it's possible to leap over a competitor and take their market share. Because they are not advertising and because you are, customers who want to buy will go to the place advertising. If one company has quietly retreated and another is jumping up and down waiving their arms.... who gets the attention?
Recessions always see a shift in brands. Big confident brands believe they can back down in their advertising and ride their laurels. That is true. You can, unless your competitors are advertising, in which case they will steal your customers.
The lesson? Those who stay visible will continue to sell while those who lay low will not. It takes guts. But in the long run when the recession is over... you're the big dog.
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