When business is slow, everyone in the organization feels it — from the owner to the employees. Morale can go down the toilet and productivity often follows. The typical knee-jerk reaction is to halt discretionary spending, including marketing. Big mistake.
This shortsighted view will cost you a lot more over the long haul than you’ll save when marketing ends up on the cutting-room floor. Here’s why: Your competitors will continue promoting their companies, improving their market share and profits. Meanwhile, your business will fade into the background. How long do you think it would take to rebuild the momentum you had during good economic times? Are you willing to gamble on that?
Knowing what you should do doesn’t change the fact that your company is still struggling, so it’s time to get creative. Rather than eliminate your marketing budget, think about how you can leverage what you have. Consider these strategies:
- Cross-sell your products and services to current customers.
- Ask current customers for referrals. Referrals are an inexpensive way to generate leads.
- Continue providing exceptional customer service. Above all, don’t sacrifice good service in bad times.
- Involve all your employees in marketing. For example, encourage the sales team to add prospects to your mailing list.
- Brainstorm ideas for repurposing previous marketing initiatives, such as ads, e-blasts, postcards and newsletters.
Rather than sacrifice marketing completely when business isn’t at its best, invent new ways to stay top of mind for prospects and customers — without breaking the bank.
How do you promote your company when sales are lagging? Let us know in the comments below.