I've just returned from a week in Baltimore and personally confirmed that the economy is bad all over - not just in South Florida. Reconnecting with a number of colleagues, former clients and friends provided the unfortunate validation that times are tough all over. Advertising agencies are laying off people for lack of clients and project work. Mergers and acquisitions are top of mind - a necessary evil for survival.
But don't despair. The times, they are a changing. Those companies and brands that can weather the economic storm will soon prosper again. Although tough for a business owner to comprehend during these times, increasing advertising and marketing expenditures will actually provide a greater return on their investment (thank you David Ogilvy). It's a simple strategy, when most companies are shrinking their advertising and marketing expenditures, there is less share of voice. Those advertisers who maintain their advertising (or better yet, spend more) will gain a disproportionately higher share of voice. This is a proven strategy, time and time again. Something to think about.....
Yours in Evolution,
SJ
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