It is no secret that small and local businesses struggle to keep going during difficult times. Yet at the same time they are hoping to keep teams and service tech busy and employed.
Expenses cuts are frequently made early to preserve cash flow. Often marketing efforts are the first to get dropped. If not completely eliminated marketing is frequently cut over 30%.
Yes, wasted marketing spend should be cut! There are definitely ways to reduce marketing waste during a struggling economy. The marketing message needs to change. Yet in the service industry customers still need the services you offer.
4 Ways Marketing can improve business during a tough economy.
It is very likely that your local competition will on a gut reaction reduce or eliminate marketing spend. If you (even at a reduced rate) keep marketing going you can benefit from opportunities unique to this economy.
Marketing dollars go further
Much of marketing is based on a competition for space. Pay-per-click (PPC) for example is directly based on how many are competing for keywords in your local area. When less money is being spent by the industry in general the cost per click goes down. Savvy companies will capitalize on this with improved paid search budgets.
Gain market share
There is less noise to get lost in. Your competition may not have gone under, yet—but any companies that disappear due to little or no ongoing marketing are for all intents “out of business”. You have the opportunity to gain market share in a quieter playing field.
Find better clients
Sure during a down economy any clients might be appealing, but those that are willing and can pay for your services in tough times will be worth keeping as the economy improves.