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Advertising Visibility Important to Buyers in Rough Economy, Study Shows

A new study from Canon Communications, entitled, "Selecting a Supplier in a Down Economy" offers insights into how buyers in the medical device manufacturing marketplace are behaving during the currently tough economic climate. Some of the more interesting results follow...

Q: How have your purchasing behaviors changed in 2009?

G. Sparkman:  Note that nearly half the respondents are Researching New Markets and over 40% are Reviewing Vendor Relationships. Ironically, tumult in the economy provides the best opportunity to have new prospects discover your company. Companies that want to continue thriving are best served by stepping up the advertising/communications programs, to both prevent current customers from jumping ship and to take advantage of the new sets of eyes looking for new vendors. 

Q: Are you more likely to choose a supplier with a recognizable brand over a less established company due to concerns about supplier sustainability?

G. Sparkman:  It's simple, buyers have more faith that recognized brands are safer vendors; less likely to do something disruptive, like say, go belly-up with a delivery pending. And this conclusion is reinforced by the following question.

Q: Do you feel companies with a consistent advertising presence are more viable during a recession?

G. Sparkman:  Conclusion: to calm concerns about your company's viability, and to attract buyers looking for vendors in whom they can be confident, maintain or increase your advertising/PR/communication efforts. Decreasing your advertising does not merely reduce your postive sales message. On the contrary, it sends a negative message that buyers are more sensitive to during the current economic climate.

 The complete survey from Canon Communications can be viewed here»



Your customers will be buying a lot more than merely your product or service. They are buying your personality, your reputation, your service, and your status in the community.