Is your business struggling at the moment?
Are you looking at cutting back on overheads and considering stopping or slowing down your marketing?
In this article I will share 5 great reasons why continuing your marketing is more important than ever during difficult times.
When things get tough, it’s time to focus on what matters most and nothing matters more than customers. You may think that capital is the most critical part of your business, but without customers, there is no capital, so focusing on retaining existing customers and gaining new ones is more crucial than ever.
As Henry Ford once said ‘Stopping advertising to save money is like stopping your watch to save time’
There are many benefits to maintaining or even ramping up your marketing spend when all around you seems to be falling apart. Here are just 5 great reasons to ‘KEEP Calm and Carry On Marketing’.
If things are difficult, you want to ensure that you don’t lose your existing customers so carrying on with your marketing activities, reassures them that you are not going anywhere, and they are in safe hands. Keep communication open and go over and above your normal service to ensure that you are always considered the preferential choice in your customers minds. It is much harder to find new customers than to do a ‘good job’ looking after those you already have.
Brand awareness takes time to create but can be quickly lost if you go quiet. During difficult economic times, potential customers are looking for stability and empathy and if your marketing activities reflect this, you can increase your brand image and reputation and ultimately, your customer base.
New lead generation is crucial to survival and keeping the momentum going with your marketing ensures that you will create opportunities to gain new customers and ‘ride the storm’. If you are not marketing, no-one will know you exist and your competitors will snap them up, increasing your chances of failure. With an effective marketing strategy and continued performance monitoring, you can ensure that you are spending your budget on areas that are giving you the best return on investment.
If the problems reach farther than your business, like the current COVID-19 pandemic, there will be many businesses suffering and potential folding. Maintaining your marketing activities helps you to stay ahead of those competitors that make the choice to ramp down their activities, giving you the opportunity to not only survive, but thrive in a difficult economy.
It takes time to train your staff to work efficiently and effectively. If they see that you are cutting back on marketing, they will start to worry about job security and may defect to ‘the other side’. This has a negative knock on effect as you will then have to spend time and money training new staff and your customer service levels may drop at a time when you need to be giving more. Maintaining your marketing, reassures your team that you are determined to get through any tough situation and will keep them loyal to your brand.
During difficult times the question isn’t ‘Should I cut my marketing budget?’, instead ask yourself ‘Is my marketing effective?’ If your business is quiet, it’s time to get busy and really look at your marketing strategy to see how you can improve it so that any money you do spend, is spent wisely.
If you are struggling with your marketing, book a FREE 45-minute Discovery call with me today!
Suzii Fido, known at The Ethical Marketer is the Co-Founder of Marketing with Ethics.
Her real passion is to use her extensive marketing knowledge and experience to support ethically focused businesses and organisations to create a brighter, more sustainable future for all.
Working alongside organisations such as The Born Free Foundation, she has helped may businesses and charities avoid the pitfalls of Google Ads and Facebook.
As an ethical marketer, she prides herself on giving the best advice and most up to date information possible to ensure your business is successful in today’s competitive market.
See how she can help your business at www.marketingwithethics.com