American consumers have saved enough and reduced their debt enough to contemplate a return to spending,the Economic Development Corporation says. Welcome news. But southern Ontario's export-oriented manufacturers may have difficulty reaping the rewards if they have done what most do and cut back on marketing expenditures during the last year.
The EDC report paints a picture of pent-up demand. That means American consumers have been sitting at home, looking at ads and dreaming of what they will buy once they have their credit card balance under control. Companies that cut back on their advertising spend will not have been among the ads they were looking at.
The best those companies can do now is to try to piggyback on the growth of those who did position themselves properly during the downturn and hope the rising tide floats all boats. Exploiting internet searches is a good way to do this. Google ads with the same keywords as competitors will turn up on search pages when consumers go looking for those competitors. Comparison shoppers may be snared. Attending trade shows and home shows could put a Canadian exporter who did not promote in a booth next to one who did, essentially co-opting his marketing dollars.
Tax refund time is coming up, so the time to raise the market profile is now.
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