Whether a slowdown in the economy has affected your business or not, it’s generally not a good idea to slow down your marketing efforts in a recession. In fact, we have found it is very productive to be more aggressive when others are “cutting back.” But, when sales slump and business owners look for ways to cut expenses, many businesses slash spending on marketing until the economy “gets better.” It is important to remember the main purpose of marketing is to generate qualified leads, and it may be necessary to spend more money, not less, to generate the leads you need. Therefore, it is essential to be consistent in your marketing efforts.
Remember, a good marketing program accomplishes the following:
- Identifies your target market: who are you selling to?
- Develops your unique message: what sets you apart from your competition.
- Delivers the message: gets the word out in an effective manner.
- Tracks results: what is working well, what could work better.
An effective marketing program does not cost anything net of the business it generates. If you are creative and focused, you can have a good marketing program on any budget. Keep in mind the four components above, and find ways to tweak existing programs or develop new programs to continually keep your marketing machine fine-tuned through good times and bad.
The ABA Insider is published by American Business Advisors, Inc. to provide business and personal improvement information and ideas. All material is presented to provide general and broad information only. The information found in this publication does not constitute business, tax, financial, or legal advice and should not be acted upon without seeking the counsel of professional advisor.
