Smart Marketing in a Slow Market
As the economy slows down, most companies are looking for ways to save money. The temptation to reduce marketing and advertising campaigns seems like a painless budget cut. However, businesses beware: marketing cuts can easily make your company invisible.
Today’s “Informed Consumer”
Especially in this age of the “informed consumer” where information is more readily available through multiple mediums (social networking, on Web sites, trade press, conferences), potential customers are smarter and expect more from businesses. Now is the time to flex your strategic muscles to impress customers: make them think about how they can use your products, not wonder if the products still exist.
During tough economic times, staying visible is key. While spending is down, everyone needs to work harder for dwindling sales opportunities. Cutting marketing campaigns is a sure way to advance your competitor’s sales. Instead, why not take advantage of their downturned marketing programs?
Smart, focused marketing campaigns will concentrate on cost-effective and creative methods to increase your exposure, keep you in touch with customers, and generate sales for your company, not your competitors.
History Repeats Itself
An analysis of 600 companies from 1980-1985 in a study of U.S. recessions by McGraw-Hill Research showed companies that maintained or increased their advertising during the 1981-1982 recession averaged significantly higher sales growth, both during the recession and for the following three years, than those that eliminated or decreased advertising.
If history is to repeat itself, as so often it does, it is the smart company that can take advantage of a downturn. The answer to a demanding economy should not be to hold back, but, at the every least, to maintain market presence to secure a head start on your competition when the economy strengthens.
What is Smart Marketing?
It’s important to tailor your marketing campaign for your specific strategies and objectives, especially in a down economy, to maximize your ROI. We know we can control our advertising message, but traditional space advertising can be expensive.
The good news is there are many cost-effective marcom options that do a great job of supplementing advertising.
Public relations provides the lowest cost per exposure and inquiry, and is an excellent means of getting broad exposure in several markets.<
Fractional ads and online opportunities also offer lower cost options that provide the frequency we need to be seen on a regular basis.
For a major branding campaign, bigger and brighter are always better – but in today’s world, an integrated marketing communications campaign that selects those tactics with the most cost-effective impact and that focuses on your real business needs, makes more sense than ever.
Learn more about The Simon Group’s PR strategies.
Learn more about The Simon Group’s advertising strategies.