Now’s the Time to Take Market Share
I’ve been around long enough to see a couple of economic downturns, maybe even 3. The knee jerk reaction to bad news is to pull back, tighten the budget and weather the storm. While being cautious is prudent, ask yourself, is my decision to pull back my advertising based on fear? History shows us that more millionaires are made during economic downturns. Why, because they take over market share. While other people are pulling back their ad budgets and becoming invisible, confident risk takers are willing to gamble, and the rewards can be increased wealth and even security!
Things to consider
Advertising is always subjective. We do have to pay attention to what works but have you given it enough time? Are your ads compelling or have a good call to action? Frequently when someone calls to cancel advertising for reasons other than hardship, I ask them to consider the following:
- Have you given the advertising enough time? One ad just doesn’t give you a proper test. A minimum of 3 ads should be run.
- Consider changing the type of advertising. Print is harder to track but much more effective for branding. What is the goal of your advertising?
- Create a compelling offer. Many times, ads don’t have a strong call to action. What problem does your product or service solve?
- Are you slowing down your advertising because of hardship or fear?
- Keeping a presence rather than stopping your advertising altogether makes more sense. Rework your budget and find a way to pull in front of the competition.
- Ask yourself, “Is my advertising supporting my community?” Consider the impact your decision has on your local resources. Do you want this venue for future advertising?
- Support quality journalism, whether online or in print. There is so much misinformation online you need to really pay attention to your resources.
- See if your publication or website supplier will negotiate a lower rate. Never hurts to ask.
- Be up front and have the hard conversation even if its unpleasant. Many times your vendor could make adjustments that will work for both of you
- Finally, is your supplier honest and easy-to-work with? Choose those companies that are easy to communicate with and collaborative.
Learn from our history
Finally, it’s been my privilege to work in the publishing industry for most of my working career. I love the puzzles, working with people to find a solution that works and seeing positive outcomes for my customers. I’m absolutely biased but I would not have been in business for 27 plus years if advertising didn’t work. I’m certainly open to suggestions and feel that I’m always learning so never hold back thoughts and suggestions. I love the industry and look forward to serving my customers for years to come. I’m looking forward to meeting new customers and get the opportunity to learn about all the great businesses we have in the horse industry.
Give me a call with thoughts, ideas, and suggestions. (360) 332-5579 or email [email protected].
Don’t be a chicken little! Be Bold!
Owner/Publisher Karen’s lifelong love of horses began at a very early age when she wore out a couple of rocking horses before convincing her parents to get her the real thing. That ill-tempered bay gelding, Brandy, was a challenge for the young horsewoman, but it drove her ambition to become a horse trainer. After attending Canyonview Equestrian College’s Horsemanship Program, Karen realized she needed work that was a little more lucrative than training, so she took a job with Customs Brokerage to pay the bills. There, she discovered an affinity for computers and a talent for creating informative, entertaining newsletters. The Northwest Horse Source began as such a letter in December 1995, with a distribution of 1000 copies for its 12 black and white pages. Now 29 years later, it’s an online magazine and website with a reach of over 10,000 per month and growing! Not bad for the results of one woman’s dream to work with horses!
Today, Karen remains involved with every aspect of the magazine and treasures the community of thousands who share a common passion.