Cutting your marketing budget? What’s the worst that can happen?
Have you, or are you, thinking about cutting your marketing budget in order to save your company money? Before you do, there are a few things you should think about.
For many businesses owners, marketing is an after-thought. You have a great product or service to sell and you believe in it so much that people should just find you and want to buy it, right? Well unfortunately it doesn’t work that way. If you are going to make sales, you need to creatively market your company and products on a constant basis. The saying “Out of sight, out of mind” is exactly what will happen to you if you don’t stay in front of your customers. They will forget about you!
So if the thought of “Out of sight, out of mind” doesn’t make you reconsider, then maybe you should examine what could happen if you do make those budget cuts. Here are a few things to consider.
- No new customers. It is nearly impossible to obtain new customers without marketing yourself to them. Every business needs new customers and this economy provides you a fantastic opportunity to capture market share, but you can’t do it if you have no budget to work with.
- Existing customers can become past customers. It is an extremely competitive business world out there and unless you are in the unique position of having no competition, then you need to stay in front of your current customers as much as possible. By creatively marketing yourself to your existing customers, you will stay top of mind, reinforce your existing relationship and drive their continued business your way. It’s like driving a car. By creatively marketing yourself to your customers, you have your hands on the wheel and can control the direction they are going, which allows you to point sales in your direction. However, if you stop marketing to them, it’s like letting go of the wheel.. The car may stay on course for a short time, but eventually it will run off the road or one or more of your competitors will grab the wheel and turn those sales in their direction.
- Sales become stagnant. With no new customers sending new business your way and your existing customers driving away from your business, your sales will decrease. We all know that if you aren’t selling, regardless of what business you are in, your business will eventually drop off. If that happens, what happens to you?
In any business, the goal is to sell the products or services that you offer. Sales lead to income, which leads to the ability to pay employees, buy supplies and create more products and services to sell. If creatively marketing your company will help you obtain more sales, make more money, allow you to pay your employees and maybe even hire more, then maybe cutting those marketing budgets isn’t the best thing to do, especially right now. I’m not telling you want to do, i’m just saying…
Chris Morrissey is owner of Proforma Big Dog Branding, a premier provider of promotional products, printing services, ecommerce websites and eco-friendly marketing solutions.