It’s no secret that our nation is headed for a serious economic recession. The current predictions put the recession lasting between two and three years, maybe longer. Businesses around the country have already begun tightening their belts and cutting costs. Often, when budgets are slashed, marketing and advertising dollars are the first to go.
However, studies have shown that businesses that continued to invest in their marketing during previous recessions saw increased growth in their businesses while those who pulled their marketing budgets saw a decrease in sales.
Remember that every recession is temporary. Be careful not to react impulsively by slashing spending left and right. This is a marathon, not a sprint. While competitors cut back on marketing and advertising spending, increasing your marketing during the recession will help you gain market share and see greater long-term returns on investment.
One of the best ways to see effective returns on your marketing investment is to develop a thoughtful marketing mix. Similar to how a diverse investment portfolio achieves more success and minimizes risk, a strategic mix of marketing avenues helps your business achieve maximum success and get the most out of your marketing dollars.
Another way to maximize returns on marketing investments is by developing a strategic marketing plan. This allows your business to focus its marketing spending on targeted campaigns and well-researched channels that will reach the maximum number of potential clients for the minimum investment. A successful strategic marketing plan requires the research and planning of a professional marketing team.
Outsourcing your marketing during an economic recession can save your company the overhead of performing your marketing functions in-house. Choosing the right marketing agency is key to your marketing success.Take a look at this blog post about how to choose an agency to meet your company’s needs.
If you find yourself overwhelmed at the prospect of marketing and advertising during tough economic times, let us help. Our professional team of marketers will work with you to create a strategy that helps your business gain market share and emerge from the recession on solid ground. Contact us today to get started!