When the going gets tough, the tough keep marketing. Why? Successful business owners understand that marketing is an on-going investment, not an expense, which enables their companies to thrive even during lean times.
In my previous role as a regional marketing executive and in my current one as a business owner, I know first-hand the value of investing in a well-developed marketing plan. Unfortunately in lean times, one of the first expenses business owners tend to trim down are the marketing dollars.
While it’s certainly good business practice to adjust to changing market conditions, it’s also important for a business owner to anticipate ups-and-downs and plan for these periods so that positive customer relations can be maintained.
Despite tough times, your customers will still expect the same quality, service and value they have come to know in good times. If they perceive otherwise, you risk losing those customers over the long-term.
A well-developed marketing plan is an integral tool for operating a business in good times and in slow times. The plan establishes how the business will effectively be positioned within the competitive marketplace, includes a multi-level creative approach to building customer relationships, while establishing measurable goals as it relates to the bottom line. It is a roadmap, but also a living document that requires constant attention as it relates to changes within your business model and economic conditions.
Planning your marketing strategy requires sharpening your wits and being open to new or unconventional marketing techniques. These tactics may serve to create the momentum for your business which helps to transition through seasonal and fiscal bumps in the road, while still creating a return on investment.
The best laid plans are those which are successfully implemented to keep your business top-of-mind all of the time.
Kathleen Gill is the principal of Integrated Marketing Services which provides marketing consulting services. She is a Certified Marketing Director and a member of the American Marketing Association. She can be reached at kgill@ipsginc.com or 661.294.9355.