Questions about advertising in a down economy.

June 23, 2009 at 8:48 am 3 comments

I work with people who run companies. As a coach, I don’t try to convince them of anything. I make sure they have the information and resources they need to make the right decisions for themselves. Mostly, I ask questions…

  • If you slash your marketing budget, how will your customers know that you are alive and well and ready to do business?
  • Your customers are cutting orders. What is the most cost-effective thing you can do to find new customers?
  • Your competitors have slashed their marketing budgets. Is this a good time to take away their share of the market?

“Advertising” or “marketing communications” can include a wide range of tools and techniques. Every company has to choose the right mix for their audience… print ads, snail mail, email, blog posts, webcasts, trade shows, sky writing, whatever.

If your industry is off 20% in this recession, that means somebody is getting the 80% that’s left. The important thing is to stay as active and visible as you can. Maybe the most important question is…

  • If you decide to compete aggressively, what else can you cut besides marketing?

A good marketing budget includes some combination of brand building, lead generation, direct sales and customer support. Lead generation and direct sales are the easiest to measure, customer support often delivers the greatest ROI.

I would ask…

  • What is your current marketing mix and how should it change in response to current conditions?

Of course, this question should be asked routinely in good times or bad.

Entry filed under: advertising, management, marketing, marketing coach, strategic planning.

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