I’m interested to find out if anyone is adjusting their marketing budget, channels, techniques, etc. in this time of the economy slowing down. What kind of changes have you made? Have you found success in any changes?
You must log in or register to comment.
Most business owner panic and cut their marketing budget at the first sign of a slowdown when the smarter play is to do the opposite and increase market share while their competitors are scaling back and then be in a better position as things improve. Most business owners don’t have the foresight and balls to do that though.
The problem is, if you go broke marketing to people that aren’t buying, you won’t be around when things improve.
It’s easier to rebuild to 100 from 50 than from 0.
It should always be changing.
When times get lean it’s a great opportunity to calculate ROI on all time and money spent. Maybe some dollars are shifted from new customer acquisition efforts to customer retention. Also starting asking why you do certain activities, just to make sure you’re super clear on the goals. Do you work on SEO because you want to brag about page rank or is it really about creating more sales? Probably the sales, but if you can’t attribute real revenue to an activity you should start to question whether or not you’d need to continue the activity at its current level.