Why Marketing is Crucial During a Recession
You may or may not be surprised to hear that one of the first cuts business owners make during times of recession is to their marketing budget. Even the threat of a recession can cause business owners to pull back. Though the fear is understandable, this action is often counter-productive. Why? Here are a few points to consider…
- Marketing Lessens Economic Blows. By keeping your business front and center for existing and potential new customers, you’re able to continue making sales. Disappearing makes it just as easy for them to forget you, and your product and/or services. Remember: customers are making cuts too; you don’t want to be on that list. Now is the time to remind them of what you have to offer and what you can do for them. Find solutions for them that are beneficial for your business and you have a win-win.
- Poll Customers. Not sure where your current business strengths are during a time of recession? Ask your customers. Send out a survey and ask them to tell you what products are of value to them or which services they view as essential – or not. And don’t forget to offer them an incentive for participating.
- Follow the Data. Aside from polling customers, you’ll want to track their spending habits, what marketing is working for you, and the like. There may be no better way of doing this than employing digital marketing. Digital marketing offers the benefit of yielding analytics, including ROI metrics. It allows you to tweak your marketing strategy as you go as it’s fluid in nature.
- Streamline Sales. How much time do you – or your sales team – actually get to be out there selling? Are you stuck performing other administrative tasks? Invest in a marketing firm to free up some of your time towards something these professionals can do more quickly and efficiently than a lay person and you’ll be profiting by making sales instead.
- Invest in the Future. Cutting your advertising during a recession can be likened to throwing in the towel. Do you believe there will be a turnaround at some point? If you answered “yes,” and you should, then you want to be there connecting with your audience of customers throughout. You do not want to have to reestablish your business after a period of absence. It can be like starting at square one if you even get the chance to start again.
Need help making your marketing dollars work for you? Reach out to us at 610.223.7102 or online at socialclovermarketing.com.