During these tough economic times it makes sense to reign in spending, right? When it comes to how and when to spend your marketing budget, here are a couple of thoughts to consider: Competition is getting fierce and if you’re planning on cutting your marketing budget, how will your customers find you? And if your customers are out there, shouldn’t you be? Here are a few pointers for getting the most out of your marketing dollar:
Now’s the best time to stay on track with your marketing efforts! A series of six studies conducted by the research firm of Meldrum & Fewsmith showed conclusively that advertising aggressively during recessions not only increases sales but also increases profits. In fact, even a modest investment can reap big rewards — once the economy brightens and competitors who pulled out come rushing back, customers will already be familiar with you.
When customers make purchasing decisions in a downturn, they’re more likely to go with a company they trust. If they’re more likely to go with you, then you want to make it easier and more obvious to them why they should. Market to them — and ask them what they need from you. In short, when you care about your core customers, they’ll care about you and stay loyal, during good times and times that aren't.
According to the Pew Internet & American Life project, 81% of Web users go online to research products or services before they buy. Get in front of them with more focused and effective search and online advertising campaigns. Online marketing is “track-able” marketing that can provide you with real-time consumer data. We offer customized packages for effective uses of Search Engine Optimization (SEO) for websites to increase online visibility.
It's time to get savvy about your marketing dollars and spend them to reap the rewards of your efforts. The key is to look at your marketing budget as an investment — not an expense. Use the customer knowledge that you have and implement SMART marketing during these times of economic uncertainty:
S – Strategize
M – Maintain market spend
A – Assess and allocate the budget
R – Research your customer thoroughly
T – Target and reach out to them
If your customers don't see you on a regular basis, you can bet your competitors have noticed and are knocking on their door. By coordinating your marketing efforts, establishing a communications plan and aligning your budget to a set of prioritized deliverables, you'll maintain your position in the marketplace and receive the most "bang" from your marketing budget.
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