Marketing in Tough Times: An argument for all guns blazing!
There are some real advantages for businesses to come out all guns blazing with their marketing in uncertain times. Firstly it’s the opposite of what most businesses are doing so for that reason alone can provide many strategic benefits. Secondly marketing activities are often cheaper in ‘tough times’. Thirdly you get to stay business fit so when customer confidence bounces back you will be ready.
Many other businesses act like sheep and look at what other businesses are doing and follow (I am not sure why people in business think that other people in business have a better idea than them!?). Most businesses feel uncertain and want to play it safe. The irony is that often the actions they are taking do not produce healthy business outcomes instead can actually encourage less sales and profits which is exactly what you are trying to avoid!
So are you going to run with the pack or get out there and market? Some reasons to market hard in tough times.
* You get better bang for your advertising dollar
Because other businesses have cut spending, there are some good advertising deals to be had. For example last minute special rates or discounted permanent rates are more likely to be available. With less advertising clutter your message can cut through more easily and more cost effectively than in normal times. This is particularly true of ad word advertising online.
* Set yourself up for the good times when they return
Many businesses believe the only strategy is to cut back and reduce spending. That might work well when times are tough but what happens when they turn around again? They may not have the staff, systems, stock or promotion channels in place when business picks up. Replacing or training staff takes time and it starting from scratch trying to promote your product may prove more costly than maintaining your promotion.
* Get an edge over your competition
If your competitors are cutting back with their marketing activities you have an opportunity to build market share.
A good marketing strategy takes into consideration all factors that might be impacting on your business including external environment, personal issues of the business owner, competitors, resources and target market. That’s why a professional marketing consultant is the best person to help you work out the best strategy in tough times.