Smart Marketing : All Access Marketing For Growth
Marketing in a bad economy: Luxury or Necessity?March 2010 By Carl Mandelbaum, president, Almond Tree Marketing
Review Budget Allocations
Your customers are looking to maximize their value for money, and you should do the same. Prices for traditional media will most likely be depressed during a bad economy, so you may find yourself in a buyer's market. If you can negotiate more for less, lock in a long-term deal. Remember that if you can commit the resources, social media is a virtually new marketing and advertising avenue. However, be sure to know whether your customers participate in that medium.
Cut the Right Costs
If you do find yourself in a position where costs must be cut, make sure you cut the right ones. Companies that cut administrative and manufacturing costs tend to do well, but businesses that reduce product quality or cut marketing budgets tend to underperform.
Make Your Creative Work Harder
In any communication channel, the best way to leverage spending is to put it behind high-quality, cost-effective creative. Now more than ever you need to set the bar high and use that media budget as effectively and efficiently as possible. If you don't have in-house staff handling your marketing, partner with professionals who can come up with a plan just for you.
Bad Economy: Threat or Opportunity?
How you react to a bad economy comes down to your personality; are you a glass half-full or a glass half-empty kind of person? The fact is that a bad economy is a terrific opportunity to deal your competitors a killer blow. Your marketing return-on-investment often increases in a recession, because marketing costs tend to fall faster than sales in most cases. The combination of cost-effective marketing and weak competition gives companies a unique opportunity to earn more market share on the cheap. CR