When all are pulling back on marketing during recession: take advantage
More Marketing and sales during recession for success during upturn?
Do you need to increase sales and marketing efforts a recession or should you wait until the storm is over
During boom times
When the markets are booming, all companies increase their marketing and sales efforts.
However this has a decreasing increment: adding one more marketing campaign or one more salesman will not bring as much increment in sales as the previous addition.
Recession
When market is slow marketing and sales don’t bring much revenue.
As expenses a hard to justify, CEO’s and VP Sales will decrease spending on marketing and sales.
Could this is the best time to take market share as the others have decreased their efforts?
Most companies will try to cut down on costs, or even envisage restructuring the company.
Thus less costs giving less visibility.
Taking risk for better times
You need to commit to spend money on sales and marketing knowing upfront this will not generate significant revenue at first. Moreover you need to sustain the duration of the recession with all the expenses involved for branding.
During this time you will increase branding and awareness more effectively.
Once the recession is over, chances are you will get a larger market share.
Select your marketing channel(s)
If you decide on spending money on branding, how will you decide where to put your efforts?
You have to decide what will be the best value for money:
- Print advertising versus Online advertising
- Trade shows versus virtual trade shows
- Conferences versus Webinars
- Press releases versus blogging
- Advertorials versus paid blogging
- Publishing job vacancies in newspapers or job vacancies online
- Word of mouth versus Social media on the Internet
The questions are:
- What will your market be visiting or reading?
- What will influence your market decision makers?
Thus will you invest in marketing or wait until the recession is over?
More from LEADS Explorer
- Online advertising and email marketing are out – Content marketing is in
- Are you in Sales? What’s on your business card?
- When to start spending on advertising during the recession?
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