Recession, credit crunch, economic downturn - call it what you will there are few small businesses that have not been affected in some way or another.
In tight times the need to cut costs can often result in reduced marketing spend, especially in light of cash flow concerns but when times are tough it is even more important to keep promoting your business.
Now you may be thinking ‘well of course she would say that, marketing is what she sells’ but if you consider what is actually happening in a recession, you see why it is so important to keep up the momentum of your promotions.
- Your customers (people or businesses) have less money to spend
- They are looking to make more careful purchasing decisions
- You will need to demonstrate how your product or service provides real value and is a better choice than your competitors.
- You need to stay ‘front of mind’ so that when customers are looking to purchase, they come to your business.
Sounds like a job for marketing.
So if we accept that marketing is something all businesses need to do to survive, then what can be done when cash is in short supply?