For many businesses, the economy has dictated marketing strategies. However, if you are not marketing your company because of the economy, you should be. The biggest mistake a business can make when things get rough is to cut all advertising and marketing. Even during tough economic times, your clients need to remember who you are and what you offer. Business simply doesn’t work by hoping that existing customers will be loyal or that new clients will stumble upon you.
An unstable economy is an opportune time to market your company. Instead of pulling back from public relations and marketing, smart businesses are pushing forward. Organizations that gain market share during downturns historically keep that increased share when the economy bounces back. In fact, a McGraw-Hill study showed that four years after an economic downturn, companies that maintained or increased marketing communications during the slowdown typically experience 14 times more growth than companies that cut back.
“As an advertising and marketing professional, I understand the value of having a visible presence in the marketplace,” said Marla Letizia, president of Big Traffic Mobile Billboards Worldwide(R). “Instead of pulling back from public relations and marketing during this economic downturn, we’re pushing forward. It would be detrimental to my business to ignore PR and marketing strategies, no matter what the current economy dictates to us.”
Another great reason to market your business now is visibility. Your competitors, like many companies, are probably not advertising. Right now your marketing dollars face less competition and therefore go further. Additionally, low competition means lower ad costs. Media outlets are offering significant advertising discounts to attract new advertisers.
Even if you can’t afford premium ad space or fancy mailers, other creative tactics can be used to let customers know you are ready for their business. Forward-thinking firms can help you create a marketing plan that leverages inexpensive and powerful social technologies. As newspapers fold and more consumers turn their attention to online media sources, your business can’t ignore the impact the Internet has on consumer decisions.
As you move forward with marketing, understand that economic circumstances have prompted a growing cultural shift. Consumers not only look for value, but also make choices that embrace their core principles. It’s not enough to just have good prices. People want to invest in products and services that are good for their families, their communities and the environment.
Keeping a corporate image alive and credible in the current economy is instrumental in the well-being and growth of any organization. Even if your marketing budget is tight, look at it as an investment in the future profits of your business.
The Ferraro Group offers a range of ideas, strategies and experience with a proven record of success for helping businesses brand their name among target audiences. Aggressive marketing, public relations and advertising will provide some dividends now, and will certainly manifest returns down the road.
