As the effects of the recession trickle throughout the states, belt tightening starts to happen in business as well as homes. Cutting budgets from different categories is inevitable, but the budgets you touch can make a difference how long you can weather the storm.
The marketing budget seems to be the most obvious budget to cut when things start to dry up. Marketing has been viewed as a “bell & whistle” of the P&L. I wouldn’t be surprised if those who state that philosophy deliberately do so to drive competition out of business. Don’t do it!
Here’s a proverb of why you shouldn’t decrease your marketing when times are slow:
“Assume everyone is cutting back, so move forward.”
I had the fortune of having dinner with a multi-millionaire (Yeah, he picked up the check) and during the course of the dinner he made this statement:
“A business never floats. You either move forward or you move backward. You need to always move forward.”
Sound advice, but implementing it is the trick. How do you move forward? Do you move forward in a bicycle fashion or a rocket? That all depends on other factors that I didn’t get the multi-millionaire to spill.
Traditional media outlets are expensive. The production of a radio, tv or magazine ad are a lot. The publication and broadcasting of those ads are a lot. The sales team of each medium would agree on the same point the multi- millionaire made. “Advertise with us when others aren’t!” and your business should consider where most of your leads come from and the cost per lead.
1. Fill out your Google Place Page completely.
Categories, images, videos, descriptions, coupons – everything that it asks for, fill it out.
2. Fill out your Bing Local listing completely It may only have 10% of the market but people do use it and it won’t take you long to fill it out anyway.
3. Fill out the free yahoo local listing too.
Yahoo’s market share is still viable in local markets. Use your analytics to find where your web traffic is coming from.
Does it work?
The sales and marketing managers of two clients contacted me that they wanted to decrease the budgets to the radio and tv campaigns and increase the online campaigns. The cost per lead proved to be very advantageous for them. That is good news for me and my trade, but overall the marketing campaign needs to still be poignant to each business’ client demographic. The demographic that finds a company online may buy more in quantity, but the demographic that finds a company through traditional methods may buy larger ticket items less frequently. Find the balance you need for your local business, but keep moving forward!