Often, the marketing budget is the first casualty in terms of business during these tough times. This can be for a number of reasons, one of which is that often, the value of the money spent on marketing is not always clearly understood or seen as critical to short term business success.
Focus on the essentials
When times are tough, it's important that marketing focuses on the essentials of a business that offers the most value. Marketing must clearly understand where both short and long-term value lies on behalf of the business and make sure that the marketing plan reflects those priorities. Often, a number of difficult choices are required. It is essential that marketing clearly identifies a distinct number of priorities and develops a number of ways in which these priorities can be met.
Secret of success
When analysing where future revenue will be found, it is often a good idea to analyse where it has come from. A great number of businesses fail to understand their existing customers, therefore missing the opportunity to develop real market insight.
Painful ways of learning
Don’t spend lots of time and valuable resources on new marketing initiatives unless they are based on quality research, credible references and clearly identifiable measurements. All marketing activity MUST add to your knowledge of existing customers or future customers, and this must be captured and utilised to drive value to the business. This can be achieved in new customer acquisition, marketing efficiency, growth of value per customer etc.
Doing the little things well
There will be things that the business has done that have worked well. It is important to remember those lessons, use them again, talk to customers, talk to some people who should be customers but are not, and take a little time to think and formulate a plan.
Choose the right people
Put your best people into marketing and sales. Make it a clear priority for the business and make sure you have the right agency on board to deliver your plan of action!