Why is marketing important? A primary benefit of marketing for your company is that it engages customers (current and potential) and helps them decide whether to purchase your goods or services. Without marketing, your potential customers may never know about your business.
Even though marketing is crucial, business owners frequently slash it first when recessionary worries are pervasive. You might be surprised to learn that reducing your marketing spending during a downturn is one of the worst things you can do for the long-term success of your company. You are putting your company at risk of losing market share, even if it might initially seem like the appropriate decision.
Let’s dispel a few of the most widespread myths about marketing.
#1. I don’t need to do any marketing because I’m so busy and have plenty of clients already.
This is a myth because marketing must be consistent, and the pendulum can swing the other way at any time. For example, if your primary marketing strategy involves billboards, don’t suddenly disappear! Consider your current strategy – are you mostly online or in printed marketing material? If you are investing in a good social media program, remember that social media is all about connecting and staying connected. This is a social marketing strategy and effective to keep and grow relationships.
Think of it this way. You’re too preoccupied to socialize right now. But what about in 6-12 months when you aren’t as busy? Without nurturing and connecting, your relationships will have faded, and you’ll be scrambling to re-establish yourself in the minds of your customers, spending a lot of time (and money) trying to reconnect.
#2. I need to save money, and marketing is an unnecessary expense.
Marketing is more than just an expense. It is a primary source of revenue for most successful companies. One of your company’s objectives is to generate a certain amount of revenue.
During a recession, it is more important than ever to remember that loyal customers are the most reliable and long-term source of cash flow and organic growth. Marketing is not an option; it is a priceless “expense” that is a must for helping to continue generating revenue.
If you spend your marketing dollars wisely and consistently, you will always be the first business that comes to mind when a customer needs your products or services. If you reduce your marketing, someone else’s business will be the first to come to mind. When something is out of sight, it is out of mind.
#3. I have my own website. Someone will find me if they want to.
Ask yourself these questions: How will people find you if you only have a URL and a website? How do you get people to visit your website? SEO alone will not result in a sale. You must have an online presence in more than one location – the internet is a traffic jam.
As we mentioned in a previous blog post, social media provides a ton of opportunity for engagement, allowing you to rapidly react to and reply to customer comments and queries, as well as urge followers to visit your website for more information. Using social media to enhance the human aspect of your business generates an emotional connection, which builds relationships and nurtures trust and loyalty.
#4. For referrals, I only need word of mouth.
Without a doubt, word-of-mouth marketing has numerous benefits. When satisfied customers enthusiastically recommend your company to their friends and family, it helps grow your business.
It’s crucial to keep in mind, however, that many people in today’s culture conduct their own research before even contacting a service provider or making a purchase! Marketing plays a significant role in increasing customer satisfaction as well as boosting awareness and loyalty for your company.
It is beneficial to align good customer service with your marketing efforts to achieve your company’s long-term objectives. Excellent customer service may encourage someone to leave an online review and getting more positive reviews increases a company’s credibility. Remember, much of today’s “word-of-mouth” happens online!
Social media marketing is invaluable for boosting your business’s reputation as well. Simply listening and responding to posts about your company on social media can help you improve customer satisfaction. Businesses that communicate with their customers can increase customer loyalty.
#5. I can handle it myself.
You realize the necessity and value of marketing. However, most people believe that social media is as simple as creating an eye-catching post. Be warned: this is just the tip of the iceberg.
Customers may stop following your social media profiles if you don’t create engaging and unique content. A good mix of blog posts, videos, GIFs, customized graphics, and curated content (content from reliable sources that you want to share) will keep your content fresh and engaging. Your content should be closely related to your overall marketing goal.
Many businesses struggle to create engaging content that reaches their target audience consistently. To promote your products or services, build a community within your target audience, and drive traffic to your website, it takes time and patience to thoroughly research and then create or curate content for social media platforms. An effective social media marketing plan should involve strategic planning, proofreading, and editing before any content goes out on your social media platforms. Choosing which platforms to publish on should also be researched.
We can help you develop and execute a social media plan that works for your business. For more information or contact us online. We’d be happy to email you our guide to planning your social media strategy.
Over to you
A recession can be worrisome, especially for small businesses. However, it can also provide a unique opportunity for them to focus more than ever on their marketing strategy and gain a competitive advantage. Those companies that continue to market themselves during a recession will remain at the top of the minds of their customers. When customers require immediate assistance, they’ll know where to go.
Written by: Jennifer Hanford, MYOB Blogger