In today's economy a great many businesses both big and small STOP their marketing and branding.
Don't stop, proceed past GO and be the successful company that will outshine your competition when we get past this cycle. Businessweek had a great article in the September 29, 2008 issue that talks about branding and how "Gutsy Marketers spend into the teeth of a recession." Sure, big companies like Google, Apple, Amazon and Nintendo have lots of money to spend on marketing all the time, but they are increasing their marketing spending now. There are other big companies, who are cutting back their marketing. Companies like Coc-Cola, Visa and of course all of the domestic auto manufacturers.
When I'm teaching a class or talking with clients, I try to remind them that marketing is the way to Grow sales. It is not an expense but an investment. Whether you budget $50, $500 or $5000 a month for marketing, don't stop. Yes, times are tough, and if you absolutely have to cut some expenses, at least consider scaling back your marketing as opposed to cutting it out all together. Do you want your clients to forget who you are? Of course not, but they will if you don't stay in front of them.
There are many cost effective ways to keep your name in front of your clients. Think about giving your clients something practical and useful that may only cost a couple of dollars. There are 437,542 items (give or take) that cost less than $3.00 each. Can you promote your business using one of those items.
If you STOP, you will go to marketing and branding JAIL and it will be a long time before you pass GO again.
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