I have taken in a lot of economic data and analysis regarding the business outlook for 2009. I know one thing for sure, I don't quite know what to expect.
It looks like we are in the start of a general recession but there is not a slowdown for sure in fluid power sales and shipments. Some companies are reporting slight downturns in Q4 but not enough to call it a pattern for sure.
The report from a recent economic webcast on fluid power reflected that we might see negative growth for the next year or so in our industry.
At any rate, one theory on advertising states that now is a very good time to advertise. Especially when advertising is down, a company's advertising investment is worth more. If there truly are fewer companies advertising then the companies that do continue to invest in their future through advertising will stand out even more making their advertising more effective.
Things will get better and when they do, the companies that have invested throughout the downturn will be positioned for the best gains. They will have gained valuable market share with the same customers who are there in good times and bad.
So, don't be hasty to cut marketing and advertising in a down market. It is actually the best time to invest.