Can I Afford (not) to Market?
“Can I afford to market? This is the question that often comes up when consulting with our Clients. In the current business environment the question really should be, “Can I afford NOT to market?”. According to the American Business Press (October 2008), “Companies that cut back their marketing during the 1974-75 recessions barely increased their sales by 50% two years later. Companies that continued to market during the downturn saw an increase of over 200% in sales 2 years later.” When business is competitive and marketing dollars are tight, it is the prefect time to get creative with low cost and free modes of advertising.
- Email Marketing: Email marketing is a low cost and effective way to promote your services and stay in touch with your Clients. When your email communications demonstrate respect for their time and offer current information on the ever changing world of business, they will gladly receive your emails and newsletters.
- Social Media Marketing: What websites were to business 25 years ago, is what social media marketing is to business today. Any company, in almost any industry will struggle to stay in business without a presence on the web. In the next several years we will see the same rules apply to social media marketing. It is free to set up a Facebook page or a LinkedIn account and it is one more effective and innovative way to connect and communicate with Clients and Leads.
- Blogs: A blog is another no-cost mode of getting exposure for your name and services. A blog does not have to be wildly time consuming or a 10 page dissertation. Simply summarize current trends and news in your industry. People will appreciate having a place they can go to get the information that they need from someone they trust. One important rule of social media marketing to keep in mind, don’t blatantly sell. The reader will respond well to the sharing of knowledge and expertise, but not hard sales.
So, when you are considering cutting your marketing budget in an effort to be lean and mean and weather the storm, think to yourself, “when business starts to improve, do I want the opportunity to see a 200% increase in my sales?” If your answer is “yes”, we look forward to receiving your emails, seeing you on Facebook and LinkedIn, and reading your blog!