It's a natural instinct; revenue drops, you cut spending. And for many, one of the first line items that comes under scrutiny is the marketing budget; after-all, marketing is an intangible, unnecessary expenditure right? Wrong. As the old saying goes, better it is to increase your presence in times of recession than the opposite.
Some of the greatest brands have flourished and grown during recessions. Look at Ivory soap during the great depression, Intel in the early nineties slow down and Wal-Mart during the post .com era.
In these tight times, marketing yourself when others are not will not only bring your original customer base calling, but can also attract customers of the competition; and when the overall economy picks back up you are poised to secure a larger market share than ever before.
This tight economy forces greater creativity and more ingenious ways of stretching budgets; think cost-effective online advertising opportunities. Flexibility is key. Here at Handcrafted Media we pride ourselves on this ability to adapt and offer unique solutions to continue promoting your brand.
Here is a great article courtesy of Harvard Business Publishing that presents a list of helpful tips and ideas when it comes to marketing in tough times...
Thoughts by Miles McIlhargie
13 hours ago