One of the most reasonable approaches to surviving an economic downturn is to slash all unnecessary business expenses. In their panic to save money, wild-eyed and frothy-mouthed entrepreneurs begin looking suspiciously at their marketing plans. On the surface, advertising cutbacks would seem to be a logical choice.
Why Entrepreneurs Make the Mistake of Cutting Their Marketing Budgets
If you have taken a close look at the magazines that arrive in your mailbox every month, you may have noticed they’ve been down-sized… and it wasn’t the publisher’s idea.
Advertisers are running for hills in droves as they pull back and slash their marketing budgets – in many cases by half. The result is formerly burgeoning magazines that are now a shadow of their former selves.
It’s a tempting… but very dangerous strategy. Especially when you consider that your company thrives on both client retention and new growth to survive.
To stay out of economic harms way, you need to keep your marketing momentum at full throttle even during a recession. And now is the BEST time since your competitors are hiding from potential customers. Your marketing will really stand out even more!
But, if you think that “hunkering down” through an economic storm is the way for your business to survive a recession…
Here Are the Top 10 Sure-Fire Ways to Kill Your Small Business
- STOP MARKETING and pretend everybody knows who you are and what you have to sell.
- STOP MARKETING and fantasize that you have more important worries than promoting your business.
- STOP MARKETING and make believe your customers won’t notice that you discontinued your monthly client newsletter.
- STOP MARKETING and keep telling yourself that your customers would never abandon you.
- STOP MARKETING and ignore the potential new clients that would buy your products or services if they were contacted by you.
- STOP MARKETING and stop thinking about your competitors and the fact they want your customers.
- STOP MARKETING and keep telling yourself it costs too much to market.
- STOP MARKETING and disregard the fact that marketing is not a business expense but an investment.
- STOP MARKETING and make-believe your established customers don’t need to be reminded that you appreciate their business.
- STOP MARKETING and forget that now is the best time to market since all of the idiots are cutting back on doing it.
Certainly the choice is yours. You can follow the above practices and drive your business into the ground. It’s up to you. But do you really want to bury your business forever?
If the answer is ‘no’…
Here Are 3 Reasons Why You Should Relentlessly Market Your Business Today:
- Prove to your clients that you really do value and appreciate them – market to them using a print newsletter.
- Show your customers that you are a successful entrepreneur willing to invest in your relationship with them – send a monthly print newsletter.
- Instill trust, credibility and confidence in you and your company as well as your service or product – publish a customer newsletter.
The Bottom Line
If asked to list their company’s most valuable assets, many would include buildings, equipment, inventory and accounts receivables.
Very few would even think to include their customers.
Your clients are the most valuable asset you have. When you use attentive, relationship-building marketing strategies like distributing a print newsletter, you create a bond that will allow you to weather any type of economic environment.
Recommended Books on Attracting New Clients:
- 151 Quick Ideas to Get New Customers
- Rain Making: Attract New Clients No Matter What Your Field
- The New Rules of Marketing & PR: How to Use Social Media, Online Video, Mobile Applications, Blogs, News Releases, and Viral Marketing to Reach Buyers Directly
- New Sales. Simplified.: The Essential Handbook for Prospecting and New Business Development
- Customer Satisfaction is Worthless, Customer Loyalty is Priceless: How to Make Them Love You, Keep You Coming Back, and Tell Everyone They Know