Why Not To Cut Marketing Budgets In Recession ???
Some Reasons Why Not To Cut Marketing Budget In Recession:
As we know India is the fastest growing economy in the world and is expected to be one of the top 3 economic powers in the world over next few years.
First reaction of most businesses in recession is to cut their expenses like jobs, marketing budgets, overheads etc. Companies cut their sales and marketing budgets during an economic downstream because they believe no one will buy what they are selling, Which is limiting their long term presence in the market. It can happen with any company.
So, I am presenting you reasons why you should ramp up your marketing budget during a recession:
(1) As, I said in my last blog https://worklifestability.blogspot.com/2020/04/small-business-survival-in-recession.html your biggest asset in recession is your existing customers base. It's cheaper, easy to handle. Try to keep your loyal clients happy because they are your strength.
(2) Increase your voice means marketing through recession means there is not much as marketing noise so you don't need to shout as loud for your message to be heard. Keep your plan ready to attack or to target your market.
(3) Your continue presence in tough times will be interpreted by your customers and prospects as it is sign of stability, showing that you are strong enough to survive in the recession and have leadership to bang on.
(4) Staying committed to aggressive selling, marketing and increase in customer conversion ratio will not only prevent you falling behind your competitors but also it will allow you to be better positioning to rise in the business when situations improve.
Hence, I think best time for Marketing is right now!
You can comment your suggestions, I welcome your suggestions.
First reaction of most businesses in recession is to cut their expenses like jobs, marketing budgets, overheads etc. Companies cut their sales and marketing budgets during an economic downstream because they believe no one will buy what they are selling, Which is limiting their long term presence in the market. It can happen with any company.
So, I am presenting you reasons why you should ramp up your marketing budget during a recession:
(1) As, I said in my last blog https://worklifestability.blogspot.com/2020/04/small-business-survival-in-recession.html your biggest asset in recession is your existing customers base. It's cheaper, easy to handle. Try to keep your loyal clients happy because they are your strength.
(2) Increase your voice means marketing through recession means there is not much as marketing noise so you don't need to shout as loud for your message to be heard. Keep your plan ready to attack or to target your market.
(3) Your continue presence in tough times will be interpreted by your customers and prospects as it is sign of stability, showing that you are strong enough to survive in the recession and have leadership to bang on.
(4) Staying committed to aggressive selling, marketing and increase in customer conversion ratio will not only prevent you falling behind your competitors but also it will allow you to be better positioning to rise in the business when situations improve.
Hence, I think best time for Marketing is right now!
You can comment your suggestions, I welcome your suggestions.
Very true.. Businesses should be marketing more during recession to win people's confidence, so that they can grow their business and become more stable. Nice blog. 👍✌
ReplyDeleteNice points.. If businesses follow what is mentioned in your points then they can definitely stay one step ahead of others..
ReplyDeleteNice blog.. Keep posting such blogs... 👍👌
Yes definitely..I agree with your article..even in the recession time every businessman should continue their marketing of products so that it will help to boost your selling in future.Customer bonding is very important factor..Nice
ReplyDelete