In a down economy, many business owners feel the pinch and are quick to cut expenses. What expenses should be cut? Unfortunately, all too many times, a decision is made to cut back on marketing. (Sales staff, advertising, direct marketing, networking, etc.)
By cutting marketing, business owners could actually be missing new sales growth opportunities. In an economic downturn there is a huge opportunity to invest in marketing to capture more market share, as your competition runs into trouble and makes the mistake of cutting back their marketing. Your competitors may not have the foresight or the capital to make good marketing decisions. By investing in effective marketing during an economic downturn, it puts your company in a better position when the economy rebounds.
Instead of making a decision to cut marketing, it would be better to re-evaluate your marketing plans to make sure they are most effective. Knowing where to spend your marketing dollars and why, is critical in getting the best return on investment. This is where having an effective marketing plan is invaluable when times get tough.
Whether you have a marketing plan or not, here are some tips that can assist you in doing effective marketing in economic downturns.