In a recession, marketing tends to take the first budget cuts, but with our experience in recessions this most often proves to be a fatal mistake. What should you be doing?
With the current economic downturn experts say we are already in a recession. This leaves many businesses wondering where they should cut costs. Studies and experience prove marketing should be last on the list, and then only surgically.
In order to survive a recession, as a business owner you need to take 3 steps.
Step 1: Understand the value in marketing and ramp it up consistently.
Since marketing is an essential function to any business it is also lifeline to surviving a recession. Through marketing, a business can reach new customers and gain sales from previous customers. Therefore, marketing is an investment not merely an expense.
Step 2: Have the guts to be more aggressive during hard times.
Being aggressive does not mean throwing money at every marketing outlet available. It is important to take a strategic approach and spend more but spend wisely. It does take guts to spend more when the outlook is gloomy but it has been proven to pay off.
Step 3: Organize budget and resources strategically.
They keys to this is doing your research, outsourcing we your can to reduce costs and risks,closely measure results to identify what works, diversify your marketing spend and focus on improving conversions.
Want to learn more about how you can take the right steps? Contact LeadGen.com today! We can help!