During economically lean times a company’s instinct is to look to cut costs. Invariably the marketing budget is one that is often first up on the chopping board. However, this is counter-intuitive to the success of your business – cutting the means by which you reach out to new and existing customers.
Instead you should be looking to maximize your marketing budget, particularly if your competition is cutting theirs.
Here’s a few key points to consider:
Existing clients are your biggest asset. As the old adage goes, it’s easier and cheaper to keep a client than to find a new one. So, talk to them. Interact with them. Through channels such as email marketing and social media marketing you can remind them exactly why they use your product or service – encouraging them to retain your services, make regular purchases and through ‘word of mouth’ promote your services to others.
What tends to happen when a company cuts its marketing budgets? Well sooner or later they become less visible in the marketplace, leaving the door open to competitors to establish their credentials. Show you are a strong stable company by making sure you are a continued, visible presence.
Be sensitive to the existing market place. Customers buying criteria may have changed. That is not to say immediately cut prices and offer discounts. You can still use positive messages that relate to your customers emotions. You may produce ‘premium quality’ but focusing on the ‘durability and longevity’ of your product.
Take a look at your advertising expenses, and figure out which ones provide the best value for what you spend. Social Media Management, pay-per-click and email marketing offer very cost-effective ways to communicate your brand values and company message.
“If your business is going through a tough time – cut your costs but not your marketing budget.”