When the money is tight, the general rule of thumb is that small businesses need to tighten their purse strings and draw back from efforts like marketing and advertising.
What if companies actually spent more on their marketing when things were tough? Could marketing managers justify this to their bosses?
It is not a big secret that many small businesses trying to gain industrial sales leads falter not long out of the gates; with some reports stating more than three-fourths of businesses go under in their first year.
While the reasons can vary, one of the main reasons startup industrial companies bite the dust early is they do not understand what their special niche or true market really is. Without understanding these areas, many companies are doomed to failure.
Before you blow up the marketing budget in this troubled economy, consider the following:
Marketing your business when times are tough doesn’t require a Master’s degree in finances, just some good old common sense. Most importantly, have a well thought out plan in place so that your business can handle just about any situation.
Among the things to include would be:
Even though you may think it is a done deal that your boss or bosses will want to slash the marketing budget in this struggling economy, do not assume that.
Take the time at office meetings to point out that the marketing approach needs to be consistent and cannot be severely reduced or even dismissed in a bad financial climate.
Your competition is having the same meetings your business is in terms of how much and when to market when the economy is bad. Be sure not to pass along customers to them because you were too afraid to market yourself when the economy went south.
About Ritu Singh
Ritu has over 10 years of experience in planning, facilitating and executing marketing programs. She is passionate about marketing and driven to help start-ups and small to large companies market products and services online and offline.