Despite the economic gloom that may hang over the rest of 2008, companies still need to advertise their products and services. In its annual projection, Schonfeld & Associates notes the following industries spend higher than average amounts on advertising (rates included in parentheses) and should continue to do so through 2009.
- Perfume/cosmetics companies 19.2%
- Diversified food firms 13.3%
Then there are the industries that will increase ad spending as a result of demographic changes across the country. These industries include:
- Pharmaceutical companies
- Life insurance companies
- Wireless telecom companies
As you begin to plan your business development efforts for 2009, determine the best way to target prospects in one of these higher-spending industries in order to increase your revenue base.[Source: Maddox, Kate. "Many sectors to boost ad spending," B to B Online, July 14, 2008]