The Bottom Line: What Works and What Doesn’t
A lot of companies are trying to cut marketing efforts, in an attempt to save money. Let us be the first to tell you, you can’t cut your way to a profit. Cutting expenses in a bad economy makes about as much sense as taking an aspirin to cure cancer. It makes no sense at all. Like we said before, don’t cut your budget, change it to become more effective.
Let’s take a look at companies who are doing what we approve of; smart marketing. A recession will accelerate the decline of interruption based mass advertising that simply shouts your message to the customer. So, on the contrary, with companies who know what they’re doing, we’ll see an increase in measurable, dependable, relationship-based strategies such as search engine marketing, e-mail marketing, lead nurturing, and online communities. These are all great marketing techniques whether in a recession or not, but they work best in times of an economic decline because of the persona of the marketing effort. Rather than intimidating and scaring away the potential and existing clients, you’re making them feel comfortable, and you know how we feel about making clients feel comfortable. Companies who make an effort to keep spending money on marketing will always stay on top. If a company keeps its name out there even during recession, not only will it boost business during the recession, but after the storm has passed, your name will be the name that’s remembered.
Another good tactic we see companies using is using lead management to maximize the value of each lead. This means companies really take a look at which leads will, well, lead them to good fortune, and which won’t help no matter what. This enables the company to place a value on a service or solution, which enables the customer to see what he’s actually getting. This is extremely crucial during these times, because buyers are already cautious, but they become extremely skittish in economic decline, taking them even more time to make decisions. We hope this helps! Until next time, Paragon Media One checks out.