South African businesses must continue to advertise if they want to survive and grow in the future.<\/p>\n
This is especially true during economic downturns, such as the one brought about by the COVID-19 pandemic and national lockdown.<\/p>\n
The need for businesses to continue to promote themselves during tough times is well documented, including in a report<\/strong><\/a> by leading business publication the Harvard Business Review.<\/p>\n Its report looked at what companies must to do survive during a downturn, and then position themselves for growth once the market picks up.<\/p>\n Marketing and advertising were key – and the report warned against simply cutting all marketing budgets when times get hard.<\/p>\n “Marketing expenditures are often slashed across the board – but such indiscriminate cost cutting is a mistake,” said the Harvard Business Review.<\/p>\n “Marketing isn\u2019t optional – it\u2019s a good cost, essential to bringing in revenues from key customers.”<\/p>\n In managing an advertising budget, however, businesses must “take care to distinguish between the necessary and the wasteful”, added the report.<\/p>\n “Tough times provide an imperative to cut loose poor performers and eliminate low-yield tactics.”<\/p>\n “When survival is at stake, it is easier to get companywide buy-in for revising marketing strategies and reallocating investments.”<\/p>\n Besides the revenue benefits that good advertising delivers, the report added that building and maintaining a strong brand remains one of the best ways to reduce business risk.<\/p>\n The best way to get the maximum return on your budget is to advertise online.<\/p>\n Online advertising gives South African businesses the best return on investment per rand spent, as confirmed by\u00a0Nielsen\u2019s Media ROI Benchmarks\u00a0report.<\/strong><\/a><\/p>\n Online advertising easily outperforms TV, Print, Cinema, Radio, and Billboard\/Outdoor advertising channels, stated the report.<\/p>\n To find out more about advertising online<\/strong><\/a> with BusinessTech, please contact Kevin Lancaster on kevin@businesstech.co.za<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" South African businesses must continue to advertise if they want to survive and grow in the future.<\/p>\n","protected":false},"author":57,"featured_media":438113,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10459],"tags":[9982],"class_list":["post-438091","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-news","tag-businesstech"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/438091","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=438091"}],"version-history":[{"count":8,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/438091\/revisions"}],"predecessor-version":[{"id":438117,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/438091\/revisions\/438117"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/438113"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=438091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=438091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=438091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Only spend money on advertising that works<\/h3>\n
Online advertising – The best return on investment<\/h3>\n