Looking at marketing during recession – keep the wheels turning is important. Marketing during recession is always a topical issue, swaying between marketing companies saying it is essential, to businesses saying it is a luxury that can be cut back on.
However, a balance does need to be found, as during the recession money is tight, money cannot just be ploughed in willy nilly in the hope that it will produce results. The truth is that during recession business is tight, customers are less open to investing or buying, so no matter how much marketing is done, the results will be lower than during the good times.
During recession, it is wise to keep the marketing wheels turning, to keep the message going out rather than turning the tap off.
The key is to try and adapt the marketing that is being done, to ensure that the marketing that is selected is as effective as possible. So instead of advertising on TV, why not switch to advertising on the internet? Instead of telemarketing, why not try PR.
If you are happy with the marketing that you are using (in terms of the type of marketing) why not check prices to ensure that you are getting the best deal?
If you are paying a telemarketing agency £450 a day for lead generation, why not see if you can get it down to £300?
Marketing is a fickle thing, the cheapest company is not always the best, but neither is the most expensive. So how do you get the best marketing company for the best price?
Looking around, getting quotes and meeting the agencies is really the only way. Asking about their track record of success, asking to talk to some of their customers, asking for some forms of guarantees (like a minimum performance level). What to remember? Marketing during recession – keep the wheels turning!
If you turn of the tap, the water will stop, that is what it comes down to, if you stop marketing then your incoming leads will dry up. Customers that normally would have come to you, will go to one of your competitors. Is that what you want? Indeed you will save money on the sales and marketing, but you will loose business to competitors.