Don’t Cut Your Marketing Budget – Rethink Your Marketing Strategy
As companies in the Washington DC area look for ways to lower expenses, they often end up cutting back on one of the most important parts of their business: marketing/advertising. For any business that wants to be successful, let alone grow, this is a dangerous tactic. You can’t cut your way to profitability. If you analyze successful companies, the one common theme among many of them is the effectiveness of their marketing and advertising.
If your company’s goal is to increase profit, increasing sales/revenue will play a huge role. Increasing your presence in the marketplace, creating positive brand association, and developing targeted and effective marketing and advertising plans will help you reach those goals. Cutting your marketing budget is doing your company a disservice. Especially when your competitors are cutting back. There is never a better time to market, then when your competitors are pulling back. It is like shooting fish in a barrel and you are the only one with a gun.
One of the most common reasons companies decide to cut back on their marketing is because they feel it is not working…or not producing the necessary return on investment. As a marketing professional, if you find yourself in this situation, there are a few things you should consider before you even think about cutting your marketing budget.
Rethink your measurement
Did you or your superiors view your 2013 marketing as a failure? Do you have the all too common belief that half of your advertising is wasted? If so, it is time to rethink how you are analyzing and measuring your advertising. You might be surprised at what you find! A good marketing strategy begins with effective advertising measurement. If your measurements are off, your results will be as well, and a perfectly good marketing plan might seem like a failure.
Rethink your marketing mix
Are you using the same marketing message throughout all media? Are you varying the message based on the different media you have purchased? We recently published a few articles about the importance of having an integrated marketing strategy. Now is the perfect time to analyze your marketing strategy and turn it into an integrated marketing strategy…if it isn’t already. In addition, if you’ve been using the same marketing tactics for over a year and aren’t getting the results you were expecting, it is time to do something different. From choosing different media and marketing mix to changing your creative/copy, you would be surprised at how modifying one or more parts of your marketing plan can make a big difference.
As we move into 2014 and you are finalizing your business’s marketing plan, there are some common marketing mistakes you should be aware of and avoid. To help you, we created a free eBook, the Top 10 Marketing Mistakes Every Washington DC Business Should Avoid. This guide walks you through the most common marketing and advertising mistakes and explains how to avoid them. Download it today and you’ll be on your way to creating an effective marketing strategy.