Marketing Equals Revenue
The mistake most businesses make when their sales fall is that they immediately look to slash expenditures. The marketing budget is usually the first to go. This is a BIG mistake that most companies make. Instead of looking at the budget and figuring how to stretch it into different medium and marketing segments cost effectively.
Basic Marketing Economics
If most companies are slashing their marketing budgets during a downturn in the economy, it doesn’t take an MBA from Wharton to understand what you should do. You need to keep on marketing. If you are able to increase your marketing budget, then do so; if you cannot then you will need to take a different approach. By looking at your overall marketing strategy and evaluating what works and what doesn’t work, you can effectively shift money from non-producing strategies to strategies that produce results. Go against the grain by focusing heavily on marketing instead of looking at it as purely as an overhead expense. Without marketing, there is no way your company will meet its revenue objectives, especially in a slow economy.
Reallocate your marketing dollars toward strategies with a higher ROI
In a study conducted by Intuit, developer of QuickBooks, research concluded that despite a stagnant economy, nine out of ten small business owners saw opportunities for growth. Over 75% of these small businesses expected their business to grow within that same year. And this was during a downward economic cycle! To further illustrate my point, 65% of the small businesses tested in the research study have survived a recession before. These small businesses know what to do when the economy goes south. The short answer: keep on marketing!
Marketing – It Just Feels Right
Sound marketing logic tells us that if our competition is pulling funds and/or decreasing activity within marketing, then this leaves opportunity for a company to gain sales by reaching out to their targeted customer base. Take advantage of your competitor’s oversight. Even in a slow economy, you should keep on marketing!
COST EFFECTIVE IDEAS:
MONEY STAMPING
CONFETTI W/ LOGO A BUSY STREET
TEMPORARY TATTOOS
SHOCK VALUE TARGETING
PUBLICITY STUNT
SPONSOR EVENTS
HOLD A CONTEST
DONATION OF PROFITS
DIRECT MAILING
VIDEO PROJECTION
The list goes on…..
contact me today derek@reampdesignstudio.com
One Comment
Hi, this is a comment.
To delete a comment, just log in, and view the posts’ comments, there you will have the option to edit or delete them.