Prime-time TV slots are going for 25% less than they sold for just last year, says Steve Cox, spokesperson for the Better Business Bureau. “The playing field for TV advertising is becoming more level, and small business owners can now take advantage of steep discounts for prime slots, as well as cut rates from PR firms and productions companies,” he says.
Not only are ad rates down (not just for TV ads – radio and online advertising is also dropping in price), but new ads can be more effective because viewship is increasing:
In addition to more flexible rates, small businesses can get more bang for their ad bucks today because viewership is up, Hroncich says. “People aren’t going out as much; they’re staying home watching TV or looking at the Internet. So these venues are getting more impressions but they’re charging less money” for their ads, he says.
During a slow economy many businesses immediately reduce or eliminate advertising as a cost-cutting measure. This may seem sensible, but can actually be a missed opportunity to strengthen your market position while your competition remains stagnant.