Finance Corner – Tips and tricks from your local business and wealth advisors, Collins & Co of Footscray.
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One classic mistake business owners make when money gets tight is to stop marketing or cut their marketing budget. At first glance, it seems logical to cut down your expenses during tough economic conditions. However, it’s the opposite of what you should do.
When your business is struggling, cutting your marketing budget will further hurt your business. It is during this time that you should go the extra mile to be at the forefront of the minds of your customers and prospects. With an effective marketing strategy, you should be able to increase sales.
However, if you really need to tighten your belt, here are some steps you can take instead of putting a pause on your marketing efforts.
Be strategic about how you spend your money.
First, don’t waste money. This sounds simple, but many business owners are not mindful of their spending. Be strategic in your spending and don’t throw money in areas that won’t contribute to your business growth. For instance, if your data suggests that the returns are higher from your digital marketing efforts compared to print ads, you might want to dedicate your resources more online.
Invest in action campaigns.
Are you opening a new shop, launching a new product, or running a discount promotion? Invest in an action campaign that will provide your target market all the information they need and will prompt them to act. Make sure that you share all the details such as your website, exact location, operating hours, or a discount code for their purchases.
Communicate with your target market clearly.
Ensure that your messaging is not only engaging, but crystal clear and concise. The call-to-action in your campaigns must also be solid and powerful to be able to create the desired action. Whether you want them to sign up for a newsletter, register or buy from your mobile app, or grab a special offer, your messaging must be clear.
Discuss with your Business Advisor and rethink your marketing strategy.
You may be working on a thousand other things right now, but you must make time to discuss with your Business Advisor & Marketing Partner and rethink your strategy. Producing great results is not always about doing more marketing, but rather, you must focus on doing better at it. Stop and think about your messaging, frequency, timing, channels you tap into, and other factors to get the best results.
Times may be tough right now but try your best to stay the course and use this as an opportunity to strengthen your relationship with your customers and prospects. Just because you’re on a tight budget doesn’t mean you have to stop marketing and give up the chance to boost sales.