Many business owners tighten the purse strings during tough economic times, but is that the right thing to do?
Think about it. When people have less money to spend, they are more strategic about deciding what to spend the money on that they do have, whether it’s for a car, food, clothing, or an appliance. People are going to shop where a business has gone out of its way to develop a relationship with them. So, implement an affordable marketing strategy that allows your business to stay top-of-mind with the consumer during both good times and bad because you are much more likely to ride the wave of a recession.
You need to sell your product or service as something the consumer needs, or as something that will be seen as an investment. Very few consumers are dropping big dollars on luxury items these days. Everywhere you go you have probably noticed that many businesses are cutting back on high-ticket inventory items.
Even though it might be tempting in order to save money, don’t cut the marketing budget during an economic downturn. No matter what you are selling, with a solid marketing strategy, it will sell better if you can convince people that they need or will benefit from your product or service. You want people to remember your business when things get better!