Since January, I’ve had several conversations with clients paralyzed by the prospect of doing business in this economy. They have a lot of questions.
One answer they keep coming back to, at least at first glance, is to eliminate advertising and marketing—or to cut it considerably.
Makes sense doesn’t it? Cut marketing out of the budget and eliminate a potentially huge fixed cost. It’s a natural inclination. Cut ad spending, slash the marketing budget and scale-back all communications.
Then, once the recession is over, begin to slowly rebuild a marketing strategy and go from there.
While this may sound like a good way to save money in a down economy, it’s a short-term solution—and one that could be disastrous for your business.
Now I’m not simply trying to build a case for marketing because that’s what I do. I’m trying to build a case for marketing because if my clients go out of business during, or just after the recession, I’ll need to find new clients.
Here it is in a nutshell:
If you fall off your customer’s radar screens during bad times, you may not make it to the good times. In fact, it’s during the downturns that you need to reach out to customers—especially your core audience. I’m not talking about blind and wasteful stuff here. I’m talking targeted strategies that allow for measurable results. It’s important to clearly identify qualified customers and prospects and then market directly to them.
Let them know you are there for them, and hopefully they will be there for you.
Over the next few weeks I’ll outline some of the tactics I’ve shared with clients to help them weather the economic storm.