October 10, 2008
In light of recent economic changes, we are seeing a shift in business priorities. People in all positions are looking for certainty or some sort of reassurance that the money they’re putting out will actually return to them.
We’re already starting to hear about dwindling marketing budgets. In times of economic downturn, a lot of companies will try to save money by cutting costs of self-promotion. And as you know, cutbacks directly affect the publishing industry. Less ad space purchased means less money in your publication’s pocket.
My advice? Give your marketers a solid reason to continue placing ads in your books.
- Tell them that it’s never a good idea to stop marketing-no matter what the economy looks like. Marketing during a recession keeps brands strong. As the American Business Media Corporation puts it: “If a company fails to maintain its share of mind during an economic downturn, current and future sales are jeopardized. Maintaining share of mind costs much less than rebuilding it later on.”
- Give your advertisers some peace of mind. They need to prove to their bosses that their efforts (i.e. advertising in your magazine) are providing value. So, get your publication audited. If you can offer third-party verified circulation data, it will help advertisers to predict ROI.
It’s about doing your due diligence as a publisher and making people more comfortable in the process. After all, your livelihood depends on ad dollars. If you’re not already doing what you can to be transparent with media buyers, now is the time to start.