Why you NEED to continue marketing in a recession
Why you NEED to market in a recession!
By Crystal Pope
You’ve heard the saying before, “Learn from the mistakes of others”.
Take a look at other businesses-those that have been around long enough to survive the ups and downs of our economy. On the flip side, take a look at businesses that have failed in the economy’s downturn.
Now…do some research, and find out what these companies did or did not do to make them succeed or fail.
One of the most notable differences between those that succeeded and those that did not can be seen in their marketing efforts.
A study followed 600 businesses between the years of 1980-1985. The results of the study showed that the companies who maintained or increased their marketing during the recession (which occurred in 1981-1982) saw significantly higher revenue growth, during and after the recession. In addition, the sales of those companies rose 256% over their competitors, who had not maintained their marketing.
Research has proven that continuing and increasing your marketing during a recession puts you at a competitive advantage, both during and following the economical downturn.
Here are just a few reasons why:
- Reducing marketing decreases brand awareness, putting you out of sight and out of mind.
- With your competitor’s cutting back on their marketing, your marketing will take the lead and stand out in a usually cluttered marketplace.
- Customers still have a need for many services. When the time is right, they will be looking to companies that are actively engaging them.
In any economy, good or bad, marketing is essential. Regardless of the economy, think through your marketing, carefully. Utilize your budget to target those most likely to respond. Focus on the demographics of your “perfect customer” and weed out those prospects that cannot afford or would not have a need for your product.
In a recession, marketing is still necessary and smart marketing is the key!
For help with your smart marketing strategy and to learn how to best utilize your marketing budget, contact our Inside Account Management Team at 1-800-287-5710 or firstname.lastname@example.org