Don’t forget to invest in marketing these days…
…even if you’re quite busy dealing with the mighty crisis! J Which is perfectly understandable, since the CRISIS is everywhere on the news and in the papers, as if it were another self for the business people. Seriously now, it seems like the only preoccupation of the media and of the business environment is to offer us tips & tricks on how to fight/escape/overcome this downward spiral of our economic state. „Cut the marketing budget” seems to be one of people’s favourite tunes these days.
Sad to say, but they forgot to tell us something even more important: no matter waht we do, the crisis will not go away only by using reactive methods to fight it. We need to get proactive for a change, and, instead of cutting your marketing budget (which is one of the first mistakes businesses make during times of economic crisis), spend your money in a more intelligent manner to bring results.
Use all your flair, skills and knowledge to find out what people really need and want these days, and go for it! It works both for b2c, and for b2b. The secret is to view your marketing spending as an investment not an expense. Use the customer knowledge that you already have and implement intelligent marketing strategies during these times of financial distress. Some crucial tips are to:
- Have a rock-solid strategy
- Research your customer more thoroughly than ever
- Maintain market spend
This is not the first crisis economy has ever gone through, and it will certainly not be the last. Don’t be surprised to find out that companies have survived difficult times and have come out strong. Procter & Gamble, Intel or Wal-Mart are only a few companies that launched well-positioned companies during difficult times and were successful with them. Why? Because they took marketing seriously during times of crisis more than ever.
Of course, you’ll have to adapt to all the fast changes the crisis has brought upon us: know who the customers are, what they think, what they dream of and how the crisis affects them. Revise your entire product line if necessary. Look at developing lower cost solutions, if possible. Be flexible, but at the same time be aware and always assessing.
Maybe I should have mentioned this at the very beginning, but the fact is obvious: if you cut your marketing budget, how will your potential consumers find you?!