For many companies, marketing is one of the first victims of any cutbacks during an economic downturn and yet, paradoxically, it is the major instrument in a recession that can actually be used to gain market share.
Marketing should be seen as an investment, not a cost. Time and again companies cut marketing and that leads to a lower presence in the market, revenue and profit margins decline that puts more pressure on costs and the spiral continues.
You only have to look at the last recession to see the dangers of cutting marketing. McKinsey and Company research found that companies that increase their marketing spend in a recession recover three times faster when economic conditions normalize.
Certainly customers spend less in a downturn, but they do not stop spending. By reducing marketing spend, you risk being forgotten by the consumer.
Marketing can create a positive impact on your business prospects, differentiate your products and services from those of your competitors and create a position in the marketplace which will benefit your business now.
Bill Gates famously said if he was down to his last dollar, he would spend it on marketing.
Key is not only to maintain marketing spend – but to spend the marketing budget more wisely.
Marches Consulting can help your organsiation to get more – as high as 5x more output from your marketing spend.
How:
We will run an audit to analyse and measure the effectiveness of your current marketing resource.
Benefits:
1. See how you can get the most business benefit from current marketing resources.
2. We will provide a range of new ideas both strategic and tactical that can be applied to help ensure your organisation survive the downturn and has the right capability to make the most of the eventual upturn in business activity.
3. Help you use better methods of segmentation to drive improved market performance.
4. Build longer term relationships with current customers ensuring high levels of retention to provide a solid business base.
5. Use new media and technology options to improve the quality and lower the cost of customer communications.
Firstly, what lead nurturing is NOT, is “following-up” every few months to find out if a prospect is “ready to buy.” Lead nurturing IS meaningful communication with qualified prospects (those that are “a fit” for your solution) but that do not have a clear timeline to buy.
Everyone needs more business, and the best way to get more is to network your way through the doors…..
For many companies, marketing is one of the first victims of any cutbacks during an economic downturn and yet, paradoxically, it is the major instrument in a recession that can actually be used to gain market share.