How To Keep Marketing Costs Low During An Economic Downturn?

By Author: Larry Tang
Total Articles: 507
Comment this article

It is not a secret anymore; nor a gossip. We may not be technically in a recession yet (2 straight quarters of GDP negative growth) but we are certainly experiencing recessionary conditions and psychology. How can we not with the constant drum beat of negative news played over and over again in the media. We are on the edge of recession in the US and everybody feels it. Dollar is down, oil is up and profits are falling. Banks are losing billions of dollars and a lot of businesses are going bankrupt. So, how can we keep conducting business and acquiring clients without losing our focus and keeping patient?

We all know that it is very hard not to give in to the temptation of fear once everybody starts talking about the Recession and even worse! However, business owners and top management should keep focused on long-term goals and success without taking big risks that might jeopardize the company future. While it is now wise to cut all spending on marketing and advertisement, thinking that people will stop buying, there are ways to keep expanding as long as we pay attention to details and the economy.

Stop the Bleeding. ...
...
One of the most important factors of marketing is being able to calculate the ROI. Businesses that use means of marketing and advertisement where it's tough to calculate Return on Investment and Conversions should channel their spending to means of advertisement where the ROI can be calculated more reliably more accountable. The worst thing a company can do, in times of financial crisis would be to throw money at something that simply does not generate results. Print Ads and Flyers usually go into this category.

Stop Untargeted Marketing.
It doesn't help your business to send me junk mail or to place a flyer on windshields offering me Plumbing Services, if I'm looking for Landscaping Services, which simply means that companies should target their marketing dollars well. The worst advertisement you can do is the one that will not work. Print Ads and Flyers usually go into this category.

Give Online Marketing a Try.
It really works! And since it's very well targeted (only people looking for you, see your ads) and you can calculate your Return on Investment, (every dollar spent and every dollar made) you know exactly how and if your marketing method and strategies are working for you. At the end of the day, winning is the name of the game and no matter how bad the economy is, there will always be winners.