When times are tough and your business is struggling to stay afloat, it’s natural to want to cut spending. And one of the first things to go is often the marketing budget.
- Marketing is what lets people know that your business exists.
- Marketing is how you inform your potential customers why they should buy from you, rather than your competitors.
- Marketing is ultimately what brings in sales, and keeps your business going.
So by cutting marketing spend, even when times are tough, you’re only killing your business.
Research has shown companies that maintain or increase marketing spend during a recession, tend to fare better than those that cut marketing spend.
Marketing when times are hard:
- Is a huge opportunity, for the businesses that are willing to take it.
- Is easier and more effective, because less of your competitors are doing it.
- Will help you gain more market share, increasing the potential for growth when the economy recovers.
But it’s not just about spending more on marketing. You need to spend smarter too. In a tough economic climate, you need to spend your marketing dollars where there’s a definite return on investment. And one of the best places to do that is online.
Online marketing offers low costs and high ROI
- Websites, email and social media marketing come with relatively low price tags, compared to many offline marketing methods.
- There is limited ongoing investment needed for websites, and no print or postage costs associated with emails.
- Testing is easy, and can be done at no additional cost with marketing tools like Google AdWords and Facebook ads.
- Your return on investment can be easily calculated thanks to free online tracking tools like Google Analytics.
So next time you think about cutting your marketing budget to save a few dollars, remember that marketing is the lifeblood of your business. Not every business will survive the current ‘recession’. So make sure yours is one of the ones that does, and you’ll reap the rewards on the other side.
Feel free to get in touch if you’d like some help with websites and online marketing.