Many business owners are tempted to make budget cuts in difficult economic times, and unfortunately the marketing budget is often the first to go. But think of it this way: What’s going to bring you additional business once you have cut your marketing efforts? In fact, once the marketing budget has been slashed, your business has little chance to grow at all. Instead of getting rid of the only way of reaching out to new customers, find new ways to appeal to your audience, all while staying under budget.
Revamp Your Marketing Strategy
If you need to consider cutting crucial budgets, let’s face it: Your marketing strategy is not working as well as you’d hoped. But that does not justify getting rid of it entirely. When a project or idea is not doing well, you carefully study and reshape it until it is just right. Why not do the same for your marketing efforts?
If your website, print materials, or slogan do not seem to be appealing to customers, make some changes, but only after you understand your audience. Make sure you are targeting the right potential customers, and are presenting the message they want to hear. In addition, check to be sure your contact information, such as emails and phone numbers, is up-to-date. Otherwise, you will be spending money on advertising without actually reaching anyone.
Take Advantage of Special Marketing Offers
You should look at marketing as an investment, not just an expense. That being said, there is no reason that you cannot save some money on it occasionally. If you do not have an in-house marketing team, check out some agencies that can take care of your needs. Get some price quotes for different packages so you know you are getting the most for your money. Some agencies send out coupons to business owners, or provide limited-time offers to help jumpstart your marketing strategy for less. Check out these deals to improve your company’s reach without going over your budget.
After all, your competition is likely cutting its marketing budget as we speak. Why not take advantage of this opportunity to catch the attention of your competitor’s potential customers? In fact, according to Knowledge@Wharton, a study conducted by McGraw-Hill Research showed that businesses that refused to drop their marketing budgets in the tough economic times of 1981 and 1982 actually had sales that were 256% higher than those that stopped marketing. Thus, at a time when some business owners are ignoring their marketing needs to save a little money, it makes sense to pay some extra attention to this aspect of your company.