Cutting Marketing Budget During Hard Times is Bad For Business
December 10th, 2008 | by Conrad Walton |Everyone knows that the economy is in trouble. How should you react as a small business owner? How are you going to pay the rent next month? Which employee are you going to let go? How will you keep your current clients? Don’t panic.
The easiest and quickest budget item fora small business to cut back on is marketing. There’s no immediate affect felt, so you think it might be safe to cut, but nothing could be worse for your business. The Harvard Business Review said:
It is well documented that brands that increase (marketing) during a recession, when competitors are cutting back, can improve market share and return on investment at lower cost than during good economic times.
The best time to take advantage of your place in the market is in an economic downturn. Because other people are quick to cut marketing, you will have the perfect opportunity to reach even more prospective customers. In a downturn, aggressive PR and Communications strategy is the solution.
Building or updating your web site is one of the cheapest and easiest ways to reach those prospective customers. Now is the time to put some time into reviewing your web site. Does it say everything it needs to say about your small business? Can you add features that allow more customer involvement or at least feedback? Maybe it’s time to have a professional review your site and give you suggestions on how it can be improved.
Now is the time to spend more on advertising, not less.
Tags: business, maintain, marketing, site, small, small business, web, web development, web host, web site
