Why You Should Market MORE and Not Less - When Times Are Tough
Whenever times get tough for businesses, CEOs talk about "tightening their belts" as a way to signify cutting back on essentials in order to ride out the
rough patch. And cutting back is a correct strategy. It's definitely not the time to dole out generous bonuses, arrange extravagant company trips or
find new company perks to buy into! Instead, it's the time to review every expense and ensure that only those affecting your bottom line are kept in
tact. It's also the time to evaluate personnel or positions that may no longer be as necessary in slower sales times.
But all too often, the first place that gets cut instead is the company's marketing budget. And that's a HUGE mistake because marketing is the very
activity that drives in more potential customers.
Marketing is the very food that fuels your sales efforts. So when marketing budgets are cut, you can almost immediately see the dwindling spiral of
leads and sales occur. It doesn't take a rocket scientist to understand the connection.
If anything, marketing should be strengthened during down times - and it's incumbent upon the CEO to find any way possible to figure out how this can
be done. Here are a few tips that can help with your marketing efforts in rough times:
* Increase "outflow." Whether you market through direct mail, email blasts, advertising or publicity - now, more than ever, is the time to push
information out about the value and benefits of your products to potential customers. It's also the time to get as creative as possible with
"out-of-the-box" ideas on how you can more cost-effectively spread the word!
The universal truth about sales is that you won't get new customers if your information and promotional material doesn't exist in a wide variety of
places outside the doors of your business.
* Review your marketing tactics. Now is the time to analyze which marketing tactics are working the best - and just as important - which marketing
tactics are your least suc