We’re just over halfway through the summer – how has business been? If summer is a slow time for your business or industry, you might be looking for ways to shave some costs before the boom September hits. Take my advice from this previously posted piece, and ensure that you don’t compromise branding in the name of saving a couple of bucks.
All businesses see fluctuations in their revenues. And it is understandable that when faced with “cash flow” issues, many businesses owners look to cut what they deem to be “unnecessary expenditures”. However, I can tell you from my many years of marketing experience that marketing is an integral part of your business, and stopping marketing activities can have a dramatic impact on your business.
A good example of this in practice is the 2008 financial crisis. Many businesses were faced with huge revenue challenges, and although some decided to stop their marketing and withdraw from their consumers’ radars, there were those that looked at it as an opportunity to “market smarter”. They continued to invest in their marketing, and not only survived the crisis – they actually thrived. Fueled by a strong marketing presence, these companies pushed forward with bolder strategies, and thereby gained a competitive advantage.
The reason that marketing is so important to businesses is that marketing is your main lifeline to customers and sales. Without it, you can’t be sure that customers know who you are, and what you are selling.
I’d like to share with you a few tips to consider, if you are ever in a situation where you are contemplating stopping or “pausing” your marketing activities:
- Sync your business operations to be in line with your marketing strategy, so that if you have a “weak” month, you can pick up sales leads and revenues via another avenue. For example, if you know that August is traditionally a bad “cash flow” month for your business, plan to combat that with a campaign running in July and August. Your marketing strategy plays a key role in your success.
- Stop the marketing activities that are using non-measurable tactics, and replace them with other more measurable marketing practices.
- Focus your advertising campaigns on lead generation instead of simply brand recognition.
- Leverage social media strategies to increase engagement, audience and potential leads.
- Find more ways to connect with your customers, so that you will be “top of mind” when they are making a buying decision.
I understand why, when faced with a crisis or dip in revenues, companies look to cut marketing budgets. But, simply stated, as “marketing” encompasses everything you do to place your product or service in the hands of potential customers, your marketing really needs to be continuous.
With markets becoming more competitive, it is more important that you get ahead of your competitors – by any means necessary. That should start with a great marketing strategy, and continue with “smart”, measurable tactics that attract customers to your business.
Have you ever contemplated stopping your marketing? What impact did this have on your business? Please share your experiences on the importance of continuous marketing in the comments below.