I know. Times are tough. You’ve got dwindling receipts and you still have to pay your employees, keep the lights on, buy stuff to sell or make … Marketing is just something you DON’T have money for. And, with fewer employees, you don’t have time for marketing. BUT, you can’t afford to ignore marketing. In fact, this might be the perfect time to beef up your marketing and here’s why:
Your competitors are cutting back on marketing.
This gives you a great opportunity. With your competitors reducing their marketing, it’s easier to talk to their customers and convince them to give your products a try. You can use this opportunity to increase your market share or move into new product lines by spending some money to market your business. Even major businesses are on the ropes right now, which opens an opportunity for small businesses that might have trouble making inroads in normal economic times.
Advertising prices are lower
For the first time I can remember, the Super Bowl had trouble selling its hugely expensive ads. In fact, with game time around the corner, deals were being made to get advertisers for the remaining ads. It’s never been cheaper to market your business.
Consumer Confidence is rebounding
As economic indicators begin to rebound, consumer confidence is making a recovery. Consumer confidence dictates how consumers view purchases. When consumer confidence is low, they save their money; afraid they’ll get laid off and not be able to pay bills. When consumer confidence is high, consumers more easily part with their money, which helps retailers, who buy more from distributors, who order more from manufacturers …
New, lower cost media sources are available
Social media — Twitter, Facebook, Youtube, and other social media attract millions of visitors everyday. Tools to help businesses capitalize on social media are readily available — often with little or no cost. Media consultants who can help you develop a winning social media strategy are readily available. Just join Twitter and they’ll find you with information on how to grow your social presence.
Growing your businesses today has benefits
By growing your business through better marketing, other opportunities arise. For instance, high unemployment rates mean there are lots of great talent out there waiting for you to hire them. Talents that might be too expensive for your company in good times are now more affordable and available. You might also qualify for government grants, especially if your in a technology or energy firm.
Market your business to take advantage of these opportunities.
Not only are prospective employees cheaper, so is capital equipment. As other firms go out of business, they are selling off their equipment at rock-bottom prices. Similarly, equipment manufacturers are deeply discounting their products. So, if you market yourself well, you can grow your business more cheaply than ever before.