Marketing Budgets in Bad Times
Bruce Barton, co-founder of the BBDO ad agency, once said, "In good times people want to advertise, in bad times, they have to." He lived and worked during the Great Depression, so he understood advertising in bad times.
During this current economic slowdown, companies must make hard choices with their marketing budgets. Many will cut them, sometimes drastically, but it’s worth considering the alternative. Maintaining or even strengthening marketing efforts might seem counterintuitive, but it might not only help you weather the storm—it might even strengthen your position. By maintaining or increasing your marketing efforts vis-à-vis the competition, you can attract a higher percentage of the market who is still interested in buying.
Much more so than in good times, the goal now must be to make the most effective use of your marketing budget for the current environment. Marketing consulting agencies, such as Domus, Inc., can help you optimize your efforts to make the most out of your budget.
In an upcoming post, we’ll explore some of those strategies.