“A man who stops advertising to save money is like a man who stops a clock to save time.” – Henry Ford
In difficult economic times, companies tend to tighten their belts and their marketing spend to adjust to sales projections. And while cutting back on expenses can be a smart strategy, adopting a bunker mentality is not.
It is a myth that spending time and money to continue marketing during an economic downturn is a waste of money. A McGraw-Hill research study of 600 business found that businesses that maintained or increased marketing spend during a recession had a higher sales growth during the tough times and the three years following. Sales had risen 256% over those businesses that cut back on marketing.
When the economy is slow, aggressive marketers acquire market share from their competitors at bargain prices…their competitors will have to pay a premium to gain that market share back. So while holding back on promoting your business is not a smart strategy, fine tuning marketing efforts and expenses is.
While the economy is a little uncertain, your marketing plan doesn’t need to be. You can maintain a strong voice, increase your market share and be top-of-mind when the situation improves.
Contact GREENCREST to begin establishing a marketing strategy. We turn market players into industry leaders℠.