We discussed previously that the last thing you want to trim out of your budget during a recession is your marketing.
- maintaining your marketing budget helps not only during a recession, but afterward
- your ROI may not be as high during a recession, but your actual profits in other years may not be as high as you think
- market share is as important right now as profitability (more so, if you ask me)
- the idea that you can cut back “because everyone else is” is foolhardy
There’s quite a bit more data out there, but you can read the article to get it.
My point is this: cut anything… heck, cut everything, but don’t cut your marketing budget.
The Big Key
That being said: spend it more effectively. Gain the know-how to utilize and leverage 21st-Century technologies to get better results. Here are some tips:
- Fix your website.Â Look at 2 things: is it showing up when your actual prospects are searching Google and those other search engines (I’m sure there must be others).Â And secondly: is it starting and furthering relationships?Â (Hint: measure!)
- Drop your print yellow pages ad.Â With certain very specific exceptions (highly-niched specialty books that have actual users), you don’t need this.Â Keep a listing, yes.Â Don’t waste your money on display ads.
- Buy internet yellow pages listings.Â And other online local business search listings. Here’s how to not screw up: be sure you can track everything. Know which listing is getting you what results. Do not do this if you haven’t done #1 above.
- Email. If you don’t yet have a database, start one.Â Today.Â Put a strategy in place to deliver value to your prospects and customers (hint: don’t be boring) on a consistent basis.Â Then execute that strategy. Divert internal resources as necessary to accomplish this.
- Manage your time with a hatchet. Figure out where your energies are being wasted and cut the stuff out of your schedule. Do it now.Â You can’t be effective if you’re floundering around.
Want more?Â Let me know.
By the way… if you couldn’t make it to our recent “Results Now Marketing” seminar, the DVDs are coming soon. They’re worth their weight in gold. Sign up to be notified over here.