As you may have heard, noticed or guessed, many businesses are tightening their budgets including, but not limited to marketing budgets. This is comparable to the coffee shop owner that switches roasters in order to “get their costs down”, during a slump. Granted times are tough, many companies right here in our own industry are even laying off employees. It is important to understand that knee jerk cutting of your marketing budget can often cause more harm to the growth of your business than you realize.
Most economic and consumer behavior studies agree that companies who continue their marketing efforts during tough economic times often see growth during those times, and conversely, businesses that cut their marketing budget will typically experience a decrease in sales.
Now is not the time to cut the marketing budget anymore than cutting the quality of your coffee, it’s time to re-evaluate your marketing and analyze what is working and what’s not. Take time to explore new avenues of strategic, organic and viral marketing that cost less, but can still deliver the impact you are looking for. Know your target market, review your UVP and stay on track.