A lot of businesses have found the last 18 months very tough. Many have restructured and cut costs to the bone and are now anxiously looking to see if the recession is over and whether we are on the way out, or not as the case may be.
Cutting the marketing budget
One of the first areas to be cut is often the company marketing budget. Many organisations find it difficult to identify what value marketing provides to the wider organisation. With that said, it is always vulnerable to do a budget reduction when things are tight.
A tough business environment = an opportunity
As other organisations reduce their marketing budgets, a real opportunity emerges for you to get your message across more effectively and economically than you might otherwise have been able to. Businesses are still looking for better products, to reduce their own costs and/or improve their performance with better suppliers. Those companies that capitalise on the restrained market conditions will be more robust and better positioned to capitalise on the recovery.
Thinking time is important
Understanding what you really need to do to help you business can be more complex than you might first imagine. As an example, a question - do you want more sales or are you looking for a specific profile of client (i.e., those that may order multiple times or are likely to order larger numbers)? Understanding what success might look like will help focus the marketing activity and inform the business as to what kind of preparatory work needs to be conducted in order to have the best chance of success.
Planning for better results
Taking time to analyse and plan your marketing can be a force multiplier during a recession. Not only are other companies reducing their own marketing activity, but also, they are often limiting the size and complexity of the activity they conduct. This provides a huge opportunity for well targeted, well thought-through marketing activity to work very effectively.