In this current economic downturn, small business owners face the huge task of trying to keep their business afloat. Making sales quotas, meeting payroll and earning enough capital to just run the business are some of the daily challenges. Survival tactics for business owners begin with making cut backs and tightening their spending, however the one thing you shouldn’t cut back on is your marketing!
In times of trouble, advertising and marketing budgets are usually the first casualties, however what business owner don’t realize is that marketing should be considered an investment rather than an expense. You need to key into the customer base you have now, you have to be able to drive your message directly to them and make a niche to your particular audience.
Laura Lake wrote on About.com, during a recession you need to implement SMART marketing which consists of:
- S – Strategize
- M – Maintain market spend
- A – Assess and allocate the budget
- R – Research your customer thoroughly
- T – Target and reach out to them
If you cut your advertising and marketing budget, how will people find you? How will people know your product or service exists? Cutting your marketing budget means basically cutting off the communication to your audience.
Smart marketing tactics are key in a downturned economy. Making sure your advertising dollars are well thought out and well spent will help in the survival of your business.
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Andy – Chicago Area
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