Love it or hate it, in today’s business environment marketing is more important than ever.
As a marketing company we quite clearly understand and believe in the difference that marketing can make to a company. You may say, “well, you would!”, but our own commercial reasons aside we know that the only way for a company to survive and grow in today’s ever changing and challenging environment is by successfully reaching and communicating with their customers. And how can you do this without marketing?
The government line is that Britain’s economy limped its way out of its deepest recession since the 1930s in the fourth quarter of 2009, but no matter what our Mr Brown may say, this country is still experiencing recession-like conditions and many companies are finding things tough.
When times get tight our experience is that marketing is one of the very first victims of the chop. But during a downturn or recession, marketing your company and its products is actually more important than ever.
In previous recessions we have found that increasing your marketing can put you in a much stronger position once things begin to return to a more normal level.
Here are just a few reasons why this is the case:
- By maintaining a presence you are reassuring both existing and potential customers that your company is secure and viable, encouraging them to place their orders with you rather than a competitor.
- During a recession your competitors may reduce their marketing, meaning by maintaining your own it benefits from a clearer field of competition and has greater prominence.
- Reducing marketing can lower your brand awareness, once lost it can be time consuming and costly to win back. Again, maintaining it when others are not means you also get a greater impact for the same level of commitment.
- With customers spending less, every sale is more important than ever – and even harder to win. Keeping your marketing at a suitable level is paramount.
Marketing is not an on/off switch that can be flicked as required without effect. Turning off your marketing when times are tight WILL cost you sales in the medium to long term. It will also cost you even more to get the market’s perception of your company back to where it was prior to the turn-off.
It doesn’t need to cost the earth to market your company effectively. Advancements in technology mean there are new avenues to get your message out, and many of them are extremely cost effective. For example, social media platforms such as Facebook can now be adopted to create a new presence for your company online for a minimal outlay. Advertising rates are now at an all time low and there are some genuine bargains to be had if you know where to look.
Are you affected by the issues discussed in this article? Please leave a comment.