Right now we keep hearing about how business is uncertain and that recession is coming.
You need to cut your marketing spend – right?
Here are 5 reasons why you need to keep marketing your business.
1 You love your customers
You love meeting their needs, giving them great experiences, providing them with the perfect solutions; making their lives better.
Why would you stop caring about them and their needs?
You will not stop marketing – marketing is simply meeting the needs of your customer.
Good marketing dedicates itself to understanding the market and the customer and feeding that back into the business.
2 Investment during a recession is the right thing to do.
Research shows that companies [37% of them] who have the highest chance of emerging from a recession with some success are those who employed an approach that involved some cuts to operational costs, but whole also invested in advertising, marketing and research and development.
In a nutshell, businesses will not get out of this carrying on as before or completely stopping their marketing output.
Businesses need to stay out there front and centre, telling people what they do.
3 Future proofing
- If you stop your marketing, what is your plan for the upturn?
- Where will you be when things get a little bit back to some sort of normal?
- Will customers still remember you, will they have stayed loyal?
You will need new business coming in and you will want to have retained the business you had.
When marketing is done well for your business it will provide this and tell you the most effective ways to do it.
4 It doesn’t have to cost the earth.
Stop thinking that marketing means massive budgets. It doesn’t have to be this way.
There are so many ways to market a business cost effectively. Particularly in the B2B sphere- there are ways to keep your message out there.
It may take a little more effort and patience, but it can still be very effective.
There are low-cost ways of marketing that take more effort but are still effective.
Use your contacts and connections! Get your current customers to advocate what it is you do. Social proof goes a long way amongst peers.
Work on retention, send newsletters and updates about where your business is at.
What changes you might be making and why they are relevant to your customers.
Keep the communication lines open – cutting these could be more damaging in the long run.
5 Those who win are in it for the long haul
Stick at it, be ahead or at least alongside your competition.
Be the business that sticks their head above the parapet and remembers the customers who got them where they are.
Use this time to reassess your strategy and reallocate your spend. Maybe you have been waiting for the opportunity to update your website?
Never got round to segmenting your database and need to sort that? Do it.
Blog post page out of date? Create a content calendar and write a bank of articles, thought leading whitepapers and anything else that will be great to push out.
Create some useful videos, podcasts and webinars and invite current clients, contacts and prospects to listen, view or attend.
There is a whole plethora of activity you could be doing and creating all to be ready for long term success.