Realize that Cutting Marketing is the Kiss of Death.
Understand that Many Companies Prosper During Recessions.
A study by McGraw-Hill Research found that during the 1981-1982 recession, companies that maintained or increased advertising spending averaged higher sales during the recession as well as three years after.
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Examine the Benefits of an AdWords Campaign.
Rethink Direct Mail!
Invest 10% of Your Revenue into Marketing Your Company.
Observe the Trends and Avoid the Fads!
Your company can prosper throughout tough times. When a downturn in the economy happens, customers still spend their money; they just spend it more wisely. People still need to purchase products and services from someone. Our economy may not be moving along as it was during the dot com explosion of the 90s but nonetheless businesses are started every day that will succeed even in the worst of times. Will your company see a bigger increase in its market share after the downturn or will it struggle against all the new companies that are fresh on the scene? Statistics show that companies willing to maintain or increase their marketing budget during the bad times are in a better position during the good times compared to companies that cut their marketing budget.
During a sluggish economy, many business owners do the opposite of what they should be doing. They retreat. During good times, when purchasers often don't do their homework on a product or service that they are contemplating buying, customers seem to just throw money at you. The problem is that the customer will do that with everyone. It might be a temporary good feeling for you and your employees to make a big sale but in the end, it will bite you. Without a solid customer/business relationship, they will give their hard-earned dollars to anyone.
Your strategy as a business owner should be brand awareness, customer satisfaction, value, loyalty, and growth. Don't go the cheap route when offering your product or service; this will only devalue what you represent allowing other less reputable companies to suddenly be in the position to compete with you. Leave the bottom dwellers to fight amongst themselves.
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