subject: Media in a Down Economy [print this page] The economy is down and your business, like many others, is struggling to stay afloat. What can you do to fight the downturn to keep your business profitable? What are beneficial expenditures, and where can you trim off a little without hurting the company? How do you get to the end of the downturn, business intact? Your first thought may be to cut your media production budget. It may seem like these cuts may save a little cash, but fight that urge; media can be your business' best friend in a down economy, and can ensure that you'll make it to the end of the recession with minimal, if any, losses. Visual multimedia- including video, internet, and other multimedia- is especially important right now, when consumers are hesitant to make purchases and may need some convincing. Here's why:
Company Image- Visual media, when done well, gives the impression of a quality business which you have, don't you? Of course you do! It's just a matter of making sure your customers know it, too. Aside from the quality messages in your video, the simple fact that you produced media shows your consumers that you were willing to put resources into your companygiving them the impression that your business is doing just fine during the economic downturn. Everyone wants to work with a stable, prosperous, and well-run business (like yours!), and a quality media production is the first step toward giving potential customers that impression.
Use as a Resource- If done correctly, a video or website can save you money by replacing certain staff costs (both monetarily and in terms of the expected human errors). We're not saying you should lay off employees- that's the last thing this economy needs!- but training videos, company overviews, demos, and commercials all can be used to cut your bottom line; a training video can replace or aid a trainer, company overviews can be mailed or emailed (rather than the cost of sending an employee to do a company overview in person- often a waste!), demos and commercials can be used to generate leads for salespeople to increase their sales and decrease their workload, and so on. Visual media can help nearly any part of your business, whether it works internally or externally or both!
Branding- You absolutely must build your brand in a sluggish economy. This is not a suggestion; it is a requirement! When sales are down and consumers are hesitant to make purchasing decisions, you have to remind them of why they should work with you. If you don't, you risk being forgotten, and the effects will last long after the recession has ended- if your business makes it that far. Use video and web to remind your customers that your company is the best in the market; build your brand and get your message out to your previous and potential clients, and you will fare much better than your competitorsboth during and after the recession. You'll keep sales up during the downturn, and when the economy begins to pick back up (which it will) and people begin to spend again, you will be on the top of their mind, and you will get their business!
Investment- Remember that working on multimedia during the slump is an investment, not just an expense. While it will help to prop your slumping business up during the downturn, it can also be utilized for a very long time afterward. The information will likely still be relevant, and you can continue to use the video as an asset to help your business prosper when the economy moves upward.
So remembervisual media done right can be your business' best pal during rough times. While it may be daunting with sales down to make an investment, you must keep the return in mind. Look beyond the short term and realize that visual media will save you money in the long runit will help you brand your business, save on employee costs, and bring customers in the door which is what we're trying to do, right? We're all struggling through the recession together, but at some point the market will move back up again, as it always does. The question is, which businesses will be there to see it?
Media in a Down Economy
By: Metro Productions
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