Examining line item costs is always a good practice in any economy. But, when you get to your Marketing budget, BEWARE! Before you go slashing through that, remember the difference between trimming FAT and cutting into MUSCLE.
In a challenging economy, your competitors are cutting back on their marketing efforts, so THIS IS THE TIME TO BEEF UP YOUR MARKETING EFFORTS, NOT DECREASE THEM!
According to Forbes Magazine, “research shows that companies that consistently advertise even during recessions perform better in the long run.” In fact, “companies that advertised aggressively during the recession had sales 256% higher than those that did not continue to advertise.”
GET YOUR MESSAGE OUT THERE WHILE YOUR COMPETITORS ARE HIDING UNDER THEIR DESKS…YOU WILL HAVE A CAPTIVE AUDIENCE!
Of course, look for the best bang for your marketing/advertising buck…think short run, targeted, focused campaigns. If you increase your marketing now, you will REAP THE BENEFITS when the business cycle returns to an upswing.