Managing the economics of your marketing plans is extremely important.
Today’s article is going to be bit different than usual. Yesterday morning, when the stock markets opened, they all opened lower than they have for years. Although there was some recovery later in the day, they still all closed down, and the global economic uncertainty has many investors nervous. Some economists are claiming that we are in what they term a “shallow recession”.
Despite the bloodbath in the markets yesterday, retail forecasts are optimistic. Although no one is expecting huge growth, all indicators are implying that consumer confidence is not completely gone and people will continue to make purchases.
So given the economic news yesterday, I thought this would be a great opportunity to talk to you about how you react to economic uncertainty when planning the marketing strategy for your business.
It’s been proven time and again that most businesses get cold feet during an economic downturn, and respond by cutting their sales and marketing budgets. This, of course, is exactly the opposite of what they should be doing.
It is more important than ever, during an economic downturn, to ensure that you maintain and solidify your market share within your niche. You want to be sure that when the economy picks up again, that you are still positioned to benefit from this uptick.
But, during an economic downturn, it is also more important than ever to ensure that you are not squandering your marketing dollars and that you’re getting value for your efforts. In many cases, businesses can benefit from contracting a marketing strategist to help them determine how comprehensive their marketing program actually is, and where it is missing the mark. It makes good sense for them to make a small investment now to ensure that they are using their marketing dollars effectively, setting the stage for better ROI going forward.
Learn about our Business Discovery to find out more about our marketing evaluation service.
Until next time…
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