The world was such a more beautiful place before the evil “R” word came into all of our lives. Of course, by the “R” word, we mean recession. Unfortunately, both small businesses and major corporations alike have felt the financial pain of the recent recession. News outlets worldwide have reported that marketing and advertising budgets have been the first to be eliminated at many companies and corporations.
Many business owners and CEOs inaccurately identify marketing and advertising as a frivolous side expense in an economic crisis. However, it is extremely crucial to continue to invest in your marketing and promotional materials during an economic recession. Here are some quick ideas to consider when it comes to marketing during a recession.
• Without Customers, You Have No Business – This is an obvious sentiment, but it is deeply important to really consider this fact during an economic recession. Marketing is like gambling: you can indeed invest thousands of dollars, yet finish with no real profit. This is why it is crucial to be confident in your product before attempting to achieve any sales whatsoever. If you have firm confidence in the product you sell, then you should have a firm confidence in the fact that spending money on advertising will have a real turn around.
• Without Advertising, You Have no Customers – It is really important to consider why you ever put money into advertising and marketing in the first place. In a recession, many businesses decide to try and float on word of mouth and current customers, rather than new acquisitions. However, it is crucial to consider what will happen without a constant flow of customers. Word of mouth is only so effective – but it is really vital to continue to acquire new customers regularly to keep your bottom line healthy.
To really effectively budget for an economic recession, be sure to carefully consider what “frivolous” spending is for your business or company. Even putting money aside for something as small as “we’re still here” flyers can give your company a lucrative boost in revenues. At the end of the day, it is important to put enough money aside for marketing materials – even if all you can afford is something small and inexpensive.