Tightening the Belt

To spend, or not to spend your dollars on marketing?
At a time when the economy continues to waver and companies seek further ways to tighten vaginal the belt, is this a time to slash marketing?
Some companies are reducing marketing spend in line with other organizational cutbacks. Others have practically eliminated their marketing budgets.

Or, is this a time to invest?
Anyone who favorably questions a strategy behind beefing up marketing, at a time like this, could be on to something and experience bigger payoffs.
In fact, totally ignoring your marketing could cost you. Studies explain that no marketing can leave your brand in a less competitive position, as indicate Forrester Research and MarketSense. They show marketing should be last on the list to go.

Let's step back and remember the value of marketing. The objectives: 1) win new customers and 2) keep the current ones happy. Marketing is a driver for achieving these sales-driven goals. Today, companies need the short-term sales, but also must keep sight on the long-term customer.

This may be your best time to get aggressive, but it can't be a shot in the dark. Your dollars must count, so a strategy must be well-planned. Wise marketers aim to utilize their spend for maximum return. They assess their resources, develop a strategy, and prioritize tactics.


Here are some things to keep in mind.
PROMOTING YOUR MESSAGE
Right now, advertising costs are lower, offering opportunity to achieve a bigger bang for your buck.
Also, this is a time when there is less noise in the marketplace. It is a chance to shine. This is a time for your message to become stronger. Work to clarify strategic marketing plans so you are sending targeted messages to the right audiences.

Focus on power of promotions by offering customers something positive in a negative economic environment. Feel their pain and respond directly to their needs with special offers. What can you get your customers excited about?
Meanwhile, reassure your customers by sending messages that promise minimal risk when they buy from you. This is a time to stress quality and value.

DIVERSIFY
Consider investing in a broader range of marketing efforts, so you are not directing all of your dollars to advertising, for example. Re-allocate dollars to another type of campaign or tactic, such as email marketing, social networking, blogging, podcasting, or search engine marketing.

WHAT YOU CAN DO FOR FREE

This is a time to leverage the loyalty of your current customers to win new customers. Go to them for feedback and offer special promotions. Ask these faithful buyers to tell their friends about your excellent products or services.
A straightforward e-newsletter with creative ideas that offer value to your customers will get you good mileage. This simple communication helps you maintain continuity and awareness. You don't want paying customers to forget about you. Present special promotions and highlight your value-driven product features or exceptional services.

Encourage your customers to forward your newsletter to others.
ALWAYS MEASURE
... so you know what works. This is vital, at a time like this. You'll need to show executives how your marketing spend is producing results. Continually assess where best to spend these precious dollars, and understand what is effective for your business. Then, assign your marketing dollars to those "winning" tactics or campaigns that produce the most for the company's bottom line.

If you dare to get aggressive, now is a fine time to invest in marketing. In turn, your organization should emerge equipped to thrive and better positioned for growth.