MARKETING IN DIFFICULT TIMES
Marketing Spend - Investment or Expense?
Where do you want your business to be when this current crisis is over? While some businesses may choose to cut their marketing spend, those that don't get twice as much impact - simply because they become a louder voice in a quieter marketplace. History has proven time and again that those businesses that continue to market (and even increase their budgets) definitely outperform those that cut spend, both during and after the downturn.
It's not uncommon when times get tough that marketing budgets are first in line to be reduced or completely frozen. The real question is, how are marketing budgets perceived: are they an investment in the business or considered to be just another expense?
How this question is answered can have a significant influence on future sales and performance. There are many references, from previous recessions and difficult trading conditions, to the negative impact that cutting or cancelling marketing budgets can have on future performance.
Many historical examples show that those who continued to invest in their marketing activities throughout difficult times realised measurable growth when things started to return to normal. By contrast those businesses and brands that pulled their marketing budgets suffered a decrease in sales.
Here are just a few of our thoughts on why continuing to invest in marketing at present is the right thing to do:
Marketing is as much about buying as selling - If you are to increase sales in difficult trading conditions you need more buyers. Marketing will help you to reach and identify those buyers.
Also, don't forget the customers that you already have. Make sure that they remember why they chose to work with you and why they should continue to remain a loyal customer.
Maintaining your marketing activities, while others might be cutting back, means that you will have a greater presence within the Industry Publications, LinkedIn and Social Media etc.
There are also likely to be some great deals on Advertising, Advertorial and Digital Campaigns, meaning that you budget will stretch even further.
If you would like to discuss how Genesis can help maximise the return from your investment in marketing, call us on +44(0)1257 475 527 for a no obligation chat or contact us by E-Mail and we will get back to you straight away. You can also see examples of our work by clicking the button below.