We’ve all been made aware that we are heading (or are in – depending on who you talk to) a recession.
We’ve also been hearing that we should be doubling up on our marketing efforts. This may seem like an impossible task if our revenue is down.
However, this mindset focuses on your marketing efforts as an expense for your business. Money leaves, and you’re not seeing results.
Marketing is, in fact, an investment in your business. Like buying stocks, the growth may be slow or barely noticeable at first, but there will be shift and change.
The shift we are seeing at the moment is that companies are changing tact, they are producing and servicing in sectors they have never been represented in before. Some of these companies are huge, with marketing budgets in the millions. So what will happen to the companies who have always been in this sector, who see their marketing as an expense?
How to view your marketing as an investment:
- All good marketing starts with the leg work. The brand message. The “what we need to communicate”. If this is not done well or clearly, we will not see results. Clients need to easily understand how we make their lives better, and how they can do business with us.
- Set your Key Performance Indicators (KPIs). How can you measure to see if something is doing well or not if you are not measuring it?
- Test and measure – Roll out a campaign. Assess how it did. Keep what worked. Change what didn’t.
- Engage with your clients and potential clients. Ask them what they like about what you do and what you should change. These are the best people to give you a realistic impression of what you are doing well in your business.
- Realise that marketing is about relationship building. If you stop building relationships, they will whither and die before you need them most.
And finally – every point of contact people have with your business are part of your marketing efforts. This includes how emails are answered by the intern, if the lady at your front desk is in a good mood and how well you serviced your last customer.