The events of 2020 affected schools, the job market and even supply chains. Whether it was an increase in demand or a supply chain issue, many businesses find themselves with low inventory and wondering if advertising makes sense. It’s a good question to ask because advertising’s main purpose is to drive interest and eventually sell products. However, advertising plays an important role even when supplies are low.
- Be Transparent and Speak to Urgency
Use demand-based scarcity to generate urgency and continue demand for when supply levels return to normal. Be transparent with your customers, letting them know to “book now” or “request a quote now” to ensure they are on your schedule that is currently booked out for six months. Providing transparency allows for a smooth customer experience as proper expectations are set and also allows the brand to benefit from urgent messaging, building a pipeline of customers for local dealers.
- Build Your Business’ Voice
Perhaps more appointments and sales are just not feasible for you right now and you want to halt all advertising. This seems like a logical step; however, this is the time to shift those budgets into thought leadership tactics like branded content, community outreach, and white papers. Don’t let your competitors step in on your space while you take a break! Instead shift your messaging to show you are a leader in your industry and continue to build brand awareness and trust. Supplies may be limited but demand is still there; don’t open the door for your competitors to build relationships with your potential customers.
- Test New Tactics
When driving appointments and sales aren’t your main priority due to low supply, use this time to test and learn new tactics for your brand so when supply does return you’ll know the best way to reach customers. You can test increasingly growing tactics like YouTube video ads or Streaming TV ads (aka CTV/OTT). Emarketer estimates, "CTV investments in the US grew by 40.6% year over year in 2020… growth will accelerate this year as spending reaches $13.41 billion."
It is easy to think you are not spending money efficiently by advertising when supplies are low, however if you remove your brand from the customers’ conversations, you lose valuable time to speak to urgency, build your brand voice, or try new ideas. PowerChord is an expert in local marketing and can help you implement campaigns to meet your needs.Reach out to your Account Manager to ensure you are properly set up to maximize impact in your local markets.
Interested in learning more about what PowerChord can do for your brand? Chat with a PowerChord Expert today:
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