Getting business owners to understand the true value of marketing is tough much less during economic hard times. The ironic thing about having weak sales or dealing with a not-so-wonderful economy is it’s really your opportunity to make the most of your marketing dollars. When the going gets tough, don’t cut your marketing budget! This is your chance to increase market share, shine above the rest (because you’re competition has probably cut their budget) and have a great market presence.
A fellow, local marketeer, David Rawle did a great job of comparing his experience with a bike race and marketing in a weak economy in his column in the Charleston Regional Business Journal – Marketing Matters: Ten marketing tips in a weak economy.
As marketing professionals, we know business owners have to think about the bottom line – but here’s the bottom line: Don’t cut your marketing budget. Get smarter about your marketing dollars. View them as an investment not an expense. If you cut your marketing efforts then you cut your lifeline to your target market and future growth.
Researchers at Penn State University said it best in 2005 after surveying more than 150 senior marketing executives from a variety of industries. “For well-positioned companies, an economic recession should not prompt marketing cutbacks, but rather an aggressive increase in marketing spending to achieve superior business performance.” Read journal excerpt.