In any industry, business goes through ebbs and flows. When business is booming, it's often easy to see how your marketing efforts make a big impact to your bottom line. When the tidal wave hinders a bit, however, many business leaders think the marketing budget is the first place to cut expenses. Cutting back on marketing when business is slow can be a bad idea for a number of reasons. Here are a few good ones:
1. Business is Slow. You read that right -- Our number one reason to avoid cutting back on marketing when business is slow is exactly that. You see, when you have a steady flow of customers coming your way, you're easily able to understand how your marketing metrics are being met by measuring the many dollars and cents that are knocking at your door.
When business slows down, on the other hand, is when you need to put out the welcome mat. Marketing is arguably more necessary when you don't have a treasure trove of customers vying for your attention. This is your opportunity to shine and stand out above your competitors.
2. Creativity is Never Capped. Think you've tapped out on all of your creative resources? Think again! If the economy has taken your industry in as part of its cyclical slumber, this is the perfect time to extend your creative reaches so you can start exploring worlds unknown.
Find new ways to reach out to your customers and engage with them like never before. Never found the time to socialize on social media? Perfect! Start now! Always been interested in joining up with like-minded business leaders, but you weren't sure how? The time is now!
Every time your industry's economy slows down a bit, it's time for you to pick up the marketing pace so you can get your name out there and be known as a business intent on building its reputation.
3. Happy Times Will Emerge Again. When you're in the thick of things, profitable times seem easy to come by, but it's often easy to forget the amount of work that went into the process to turn the red lines into black.
In truth, the tough times are what make you who you are as a company, and this is an excellent time to build upon your brand. Bolster your internal and external customers with news about the positive things you're doing, and prepare for a resurgence of business when economic trends turn back in your favor.
When your competitors are going into hibernation, you have an invaluable opportunity to position yourself as an authority figure in your industry. You can win the trust and bonds of consumers who otherwise may not have known you.
Struggling with the decision of what to do with your marketing budget? Is this too cheesy? Fret not! Jumpstart your inbound marketing efforts with assistance from our helpful team at ADTACK!
