If You Can Keep Your Head . . .
Date: 2nd Sep 2009
Anyone reading the local business media over the past few months will realise that these are extraordinarily difficult times for businesses across the region.
With downward pressures on costs as a consequence of the recession, many businesses have chosen to slash their marketing budgets, cutting spending on advertising, public relations, mailings and even printing!
But is this a prudent move?
Once you begin cutting your marketing budget then you are adversely affecting your company’s market presence and profile. This in turn can affect your ability to win new business.
And then what?
Your company may find it hard to compete and you could lose market share or even be forced out of the market.
The danger is that by not maintaining your presence and profile your business may not be at the forefront of the minds of potential customers.
But if you keep your cool and maintain your presence, when your competitors withdraw their voices from the market place, your voice will be heard all the louder.
We all know that if you fail to plan, you plan to fail, and this adage also applies to your marketing. A company that plans strategically will have looked to the future and scheduled in activities to achieve important business objectives. Abandoning the marketing strategy at the first sign of any downturn could prove costly.
Those who are brave enough to invest appropriately during challenging times will be well placed for growth when the economy picks up. Some people say the best time to increase marketing spend is when the economy falters as this is an excellent opportunity to win valuable market share while your competitors are retreating.
Remember that when your competitors are cutting back, suppliers become hungrier for your business and there will be some great deals around, ensuring that you get the most from your budget.
Effective marketing is more important than ever during a downturn.
If this makes sense to you, then you are likely to sustain and grow even within the current economic environment.
*Ross Bellotti is Managing Director of Kingfisher Print and Design which has clients in a wide range of sectors throughout Devon as well as blue-chip clients from all over the UK. The company is based in Wills Road on Totnes Industrial Estate, Totnes TQ9 5XN. Telephone 01803 867087, email sales@kingfisherprint.co.uk or visit their website at www.kingfisherprint.co.uk
