WARNING: The contents of this blog entry are aggressive in nature. But it’ll do good for your marketing.
Get a Bigger Piece of a Smaller Pie: Marketing Solutions for a Tough Ottawa Economy
It has been oft reported that the best strategy for getting through a ‘soft’ cycle or downturn in the marketplace is to become more aggressive with your advertising. Whatever product or service you’re selling – believe me, we’re all salespeople – there are sales happening in the market. Just not as many as there are in a booming economy.
How do you keep the pistons in your business development engine pumping?
The solution is simple, but not easy to accept or implement. The answer is …just keep your foot on the gas and not on the brake. You see, most businesses react similarly in an economic slow-down with the proverbial knee-jerk reaction of cutting back on their advertising budget.
The decision to cut or suspend marketing dollars is usually the cost-cutting measure chosen over the alternative – which is reducing staff hours or perhaps even a layoff. The latter involves having to make an uncomfortable announcement to your team as a group or though emotional one-on-one meetings that lead to negatively affecting the livelihoods of staff (which is never a pleasant thing to have to do).
Cuts to your advertising budget (which is usually 3-8% of gross sales) is relatively the worst thing you can do for the health of your business in a slowed economy, because you make it harder to be found by potential customers who are looking for goods and services.
Rather than bury your head in the sand and make it harder for new customers to find you, take steps to be seen even more prominently. These new sales will come at the expense of your competitors – which is an added benefit.
So when times get tough and tougher still, put your elbows up and box out your competitors. Get a bigger piece of a smaller pie. Ask how we can help.
Duncan MacDonald – MB Senior Account Executive + Marketing Specialist