Market through the downturn?
With all the talk of recession it is natural for businesses (especially small ones) to look to reduce their overheads.
Often one of the first things to go is the marketing budget! This is proven not to be the best decision. I guess we would say that though!
During economic downturn the need to keep new business flowing is essential. If existing customers reduce their orders new customers need to fill the void left.
Often customers look for new suppliers during harder times so you need to stay at the forefront of their minds. Your brand should be in front of your marketplace at every opportunity.
Of course this does not mean that you should spend, spend, spend. What you do should be focused with continuous evaluation taking place. Don’t be afraid to stop if what you are doing is not
achieving what you want. Take a step back and reassess the situation.
On the flip side of the coin some companies increase their marketing budget with the intention that if they saturate the marketplace now they will develop a larger market share when the economic upturn happens. History demonstrates this method is effective.
One key thing to remember is that whatever your budget, if you become out of sight you will become out of mind.