Posting Dates:

May 2010
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Slash and Burn? Tough times call for smarter moves. Tip #10

Tough times for business come and go but some people look at marketing as a luxury for business and not a requirement.  If that is the case for you, I only have two things to say:

  1. You probably don’t have much of a focus on marketing or you would see the value.
  2. It is never considered a luxury for a successful business.

Don’t make the fatal business mistake of cutting your marketing budget during tough times.  Marketing is an investment in your business and every day without marketing is another day that your investment loses the value it gained until now. Instead, look to invest more wisely in your marketing after reevaluating your business.

  • How have times changed and how will these tougher economic times affect your business and others?
  • How should changes in the economy alter your marketing message?
  • Where are you marketing and is that still going to provide the desired results you need during these difficult times?  Can you benefit from a cut back in traditional marketing for an investment in new media?
  • Can you benefit from the economic downturn?  For instance, if you sell economy cars, you may be well positioned to take advantage of the difficult times depending on how you position yourself.  Alternatively, as a luxury car retailer, perhaps you can motivate current luxury car owners to save in other ways like buying the newest model to decrease fuel consumption.
  • Can you renegotiate your media spends by buying smarter?  Many media companies have been feeling the pinch for the last decade and any commitment to longer term purchasing will often be rewarded with better rates.

Look for ways that you can reduce your costs for marketing but don’t cut back.  Tough times are when the weak businesses are hit the hardest and you need to be prepared to capitalize on that narrowed market of consumer choices.  Put the added effort in to your marketing and reevaluate how you are using all of your marketing funds.  Be ready.  Make some changes.  Be the one that takes advantage of the changing times.          [email protected]          250-412-3500

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