Pass go when slow

“We are going to have to cut back on our marketing.” That is the line I always feel clients will say during a recession. Advertising and marketing budgets are usually one of the first expense line items to be effected when the economy slows, so what do you do with less money and resources? Here are a few solutions to consider when marketing during a recession.

Spend Money Online

The Internet is the best way to generate short-term sales, whereas television is best for long-term branding. During slower economic times, our clients see Internet advertisements easier to measure, which makes the spending easier to justify. Make sure your website is current, take advantage of e-mail communications and look for other sources of customer contact through the Internet.

Develop New Media Marketing Solutions

When I refer to new media marketing, I am referring to new websites that are helping businesses market themselves. Each of the following cost you nothing. Blogs, YouTube, Flickr, Podcasting, Twitter, MySpace, Facebook. Take a look at each of them to see how you can use them to help generate business.

Focus On Your Core Customers First

It is easier and less costly to get your core customers to spend money with you. Make sure you are taking advantage of any customer database you may have and reach out to your customers.

Focus On One Market

Look for one market segment you really want to concentrate on. Whether its teens, seniors or women 35-50, you’ll need to focus your efforts on that market. Make sure that you continue to spend your money and resources on this market.

Spend Money On Sales Promotion & Motivation

During a recession, it is important to reward your sales team for their efforts. Take the opportunity to create new challenges, contests and other sales tools to encourage your sales team to work harder and smarter.

Join Professional Clubs

There are many different organizations out there that may meet on a weekly or monthly basis. Ask other business associates, or check with the local business organizations/agencies for ideas.

Prioritize Your Budgets Into 50/25/25

Look at your entire marketing budget and take 50 percent of it as “Must Have”. Take another 25 percent as “Good to Have”. Finally, the last 25 percent will be the parts of the budget you can cut if needed.

Increase Your Marketing Budgets

During a slower economy, many companies increase their marketing budgets. Why? One simple reason— to gain market share. It is well documented that brands that increase advertising during a recession, when competitors are cutting back, can improve market share and return on investment at lower cost than during good economic times. Be aggressive. More aggressive companies will seek advantage of their competitors in a slow market. Whether you decrease or increase your marketing expenses this year, try to remain flexible. A recession does not last forever, but it is a time where advertising and marketing spending does slow down. I hope some of these solutions can help you during these challenging times as we look for brighter days ahead in the future.

This entry was posted on Friday, April 4th, 2008 at 1:56 pm and is filed under Archives - Apr-Jun 2008. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.