As we've spoke about this week there are a few things you and your business should be doing to position yourself for success during a tough economy.
I was happy to see the folks at The Economist agree with me that cutting your advertising budget is not one of those things.
Why do businesses cut advertising when times are tough?
- Because it's easy
- Think it's a good short term fix
What are businesses forgetting when they do this?
- Marketing is part of the solution, not the problem
- What they sacrifice now, they pay for later
- It can damage the brand
Brands that increase advertising during a recession, when competitors are cutting back, can improve market share and return on investment at lower cost during good economic times - Prof. John Quelch, Havard Business School
For more great ideas and thinking about what your business should be doing during the down economy take a look at the following presentation put together by The Economist.
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photo credit:tranchis
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{ 2 comments… read them below or add one }
Just saw this on Twitter – and had to tweet in. I’ve been spending a lot of times with clients lately talking about cost effective marketing techniques like focusing on their facebook fans, participating in forums etc.
If money is tight, you’re right, you can’t stop advertising. But you can certainly find innovative ways of getting your message out there.
Thanks for your post.
@Crystal
Absolutely correct…there are plenty of ways to market that don’t cost the business a dime…social media alone is revolutionizing the idea of “free” marketing. I think businesses need to get creative like you say, and start looking for ways to continue to get the word out about their products and services. That is one nice thing about tough times, it forces you to look for creative solutions, and when times get better you emerge stronger because of it.
Thanks for coming by, see you on Twitter.
Matt