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During a recession, most companies are looking to cut costs.
And the first thing they are likely to cut? Marketing costs. It seems like marketing is only something we should do when a company is doing well.
A mistake? Possibly. Marketing could be the key to cushion recession hits. It could help your company cope with decrease product or service demand better than others in the same industry; and it can also help you come out of recession stronger than the rest.
According to the “Small Business Marketing Health Check” report from Hurwitz & Associates, there is a correlation between small businesses that are doing well and greater marketing spending.
As seen from the chart below, 65% of businesses that expected an increase in revenue have also increased or planned to increase marketing spending. For the businesses that have decreased or planned to decrease marketing spending, only 5% expected an increase in revenue.
Marketing does not have to be expensive
Even during a recession, marketing is possible without straining budgets. With the rise of social media and the increased use of Email as a promotion channel, smart businesses are coming up with highly effective yet affordable online marketing strategies.
Seeing how small businesses have succeeded on social media without incurring very high costs, it is time we pay a little more attention to web marketing tools, especially in times like this.
P.S. Learn how to get a head start on social media marketing here!
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Tags: Business, Marketing, small business
