When recession hits, one of the first things companies do is cut their advertising budget. Why? Why would companies get rid of the only thing that is keeping them in front of people? If your company is feeling the recession crunch, your competitors are likely feeling it as well. If you have the urge to cut, so do your competitors, which means good things for you if you’re the one holding steady to your marketing plan (See Tip #3). It means that your company is the one that people are going to call when they are in need of your products and/or services. The reason they are going to call is that your company was on the top of their minds (TOMA – See Tip #4) when they needed you, and your competitors were not. Why is this? You held steady with your marketing plan. I am a firm believer that the company that makes the most noise wins. It’s a fact. Companies that advertised during the 1981 – 82 recession had sales of 256% higher than those who cut their budgets. That’s amazing, 256% higher! Wouldn’t you like your sales to improve by 256%? Here are a couple of tips to make sure you are getting the most out of your marketing dollar:
Tip #1 – *If you’re not getting results, stop! I always ask people how they are advertising and if it is working for them. So many people tell me they are using different avenues of marketing, like “X”, “Y” and “Z”, but “Z” isn’t working, but they are still investing their marketing dollars into it. Get rid of “Z” and find one that works. Do not keep investing in something that isn’t getting results. This is such a basic philosophy that it is often overlooked.
Tip #2 – *Who is your customer? When choosing a place to advertise find out whom they target. Does this target fit the target for your company? If your customer is mostly women 25 – 54, why advertise with someone who attracts mostly men 54 and up. Find out who is a perfect fit for you and establish a great relationship with this vendor. Maintain focus on effectiveness of the campaign!
Tip #3 – *Create a Marketing Plan! If you don’t have one, how can you focus on where to spend your marketing dollars? This plan is an effective tool for distributing your overall marketing dollars and guiding you long term approach to marketing effectively. Constantly reevaluate your plan every 90 days. This will allow you the flexibility to make adjustments and cancel any campaigns that are not effective.
Tip #4 – *TOMA. Top Of Mind Awareness! Look for opportunities that consistently put your company name in front of your prospective buyers. Things like Social Media, Networking Events, the Chamber, Email Blasts, Phone Calls, Direct Mail Post Cards and Letters all serve this purpose. When it’s time for your prospect to call, your logo will have been seen about 20 times already, which certainly will give you the upper hand.
Tip #5 – *Track It! – Just because you thought you found the perfect fit doesn’t mean it will always work for you. You must track your advertising. If you find that your marketing isn’t working, take the long term approach and maintain it for an additional 6 weeks. During this time, scrutinize it closely to really understand what is going on. If after 6 weeks you are still not happy, move on!
In Summary, do your homework, don’t cut your marketing budget and keep advertising.
Lisa March
Account Representative
Central Mass Web Design Inc.
Tags: advertising, marketing