As many of my clients begin to feel the pinch of reduced or flat revenues and higher costs, they are beginning to look for ways to improve their bottom lines. Understandably, many are taking a hard look at their marketing expenditures, specifically the dollars spent on advertising.
While I whole-heartedly agree that our marketing expenses should be reviewed regularly and assessed for effectiveness, I place a word of caution out that we should not haphazardly reduce and eliminate marketing efforts and spending while chasing profitability. Assuming we are in business for the long haul, this is exactly the time to continue with marketing plans and advertising programs that keep us in the forefront of our customers' minds.
So, what can we do to ensure that our marketing dollars are being spent wisely during the crunch times? Well, perhaps this is not the best time to reconfigure your entire brand, requiring new marketing collateral and programs to develop an entirely new brand. That might be money better spent at another time. We should, however, keep spending in the more tactical areas of our marketing plans such as targeted direct mail campaigns, coupons, use of e-newsletters, staying in touch with current and previous customers and referral networking. Look for niches in your product line, services or customer base that can grow during these tighter times and go after those specifically. And, finally, use the Internet. The Internet is a great, cost-effective way to get clients to your door via your website. Use Google ads and SEO techniques to get your name in front of potential customers. Make sure your landing page has a call to action and effectively communicates your message.
There's lots we can do to ensure that we are effectively marketing and advertising during these difficult times. Don't be afraid to try something new. This is your opportunity to gain market share as your competitors act from fear and pull their advertising and reduce their marketing efforts. Your Thoughts?
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