Times are Tough But Can You Afford Not to do Marketing?

As you might expect, I meet quite a lot of business owners in the course of a week. It is interesting to hear their perspective on marketing since this economic crisis started to worsen back in November. I have definitely seen a change in attitude. I am now seeing two very clear camps whereas previously there were more people in the grey area. The two groups are:

  1. I can’t afford marketing at the moment, perhaps when things get better…..
  2. I need to invest in marketing and be much smarter about how to have a healthy business in this economy

I always feel a bit sad when I hear #1. Those people have pretty much given up or assume that marketing won’t work and is not worth the investment. Ironically from what I can see, the group in #1 usually need to improve their marketing more than the #2 group. When I look at their websites it is often obvious that they haven’t done the marketing basics properly. Their sites try to market to everyone and end up attracting no one. Their key messages are the same as their competitors and they focus on what they are selling rather than solving customer problems. The result is that their websites don’t get traffic nor do they result in leads.

When done properly, marketing works and provides a positive return on investment. The companies that will stay healthy in this recession are those who invest wisely in their marketing. And don’t forget as the recession ends, the companies who built a strong marketing foundation will come out of the gate at a much faster rate than their competitors.

If you think you can’t afford marketing think again. You can’t afford not to.

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