A recession is when everyone starts talking about austerity measures and finding areas to cut costs. It is certainly good business sense to eliminate wasteful avenues and slash unnecessary costs. But marketing is one area where a business categorically cannot afford to cut back on. Marketing encourages business growth, even through a recession. If you cut back on marketing then you essentially cut back on growth and profits.
Be Well Placed After A Recession
The end to recession is increased public spending and people realise this but they will become savvier with their spending. Consumers are often willing to spend more than expected if they feel they are getting a quality product. Recessions encourage people to buy items that will last them opposed to throw away items, such as cheap fashion clothing. Your marketing should be convincing these buyers that your business or product is the right way to go. Also it is important not to forget that there are many people who are not very affected by the recession and will still be spending money. Marketing during a recession not only helps growth but can also increase customer loyalty and reap rewards in years to come. If people feel like your business has looked after them during a difficult time they are unlikely to abandon ship when times are sunnier. Brand loyalty is important for your business and its continued success. Therefore creating a good relationship with your clients is essential during a recession.
Keep An Eye On What Is Working For You
A good way of minimising marketing budget whilst still keeping it ongoing is to monitor the response you get. If you don’t get response from a marketing campaign, cut your losses and move onto something else. And vice versa, when a marketing piece is bringing in custom, increase its reach to as many people as possible. Always keep a handle on your marketing budget though, make sure you don’t overreach what you can realistically spend.
Target The Correct Audience
Another way to increase your reach to customers is to research that what kind of people you existing customers are and what they enjoy. The services your business offers appeal to a certain type of consumer and know them inside and out will be incredibly useful. Once you know who your customers are you can place your marketing in the correct areas. For example, if you produce quality toys for children then marketing on websites such as mumsnet will be highly beneficial.
Article by Luke Parker – Professional Blogger for www.mug-shop.net