The Corona virus pandemic has taken the world by storm and countless countries all over the world are being affected. Some of them are getting hit way harder than others, with Italy, Germany and Iran being an example here. Most countries including Australia expect the Corona virus pandemic to lead to an economic downturn. As a result, companies are trying to cut the costs as much as possible and lowering marketing costs sounds like a great idea for them. Unfortunately, that’s not the case at all.
Is it a good idea to cut down marketing costs?
Absolutely not! Even if things are getting tough and sales are low, the reality is that marketing is the main way to push sales onward and bring in more exposure and if you cut down marketing costs for example, you’re basically cutting the only thing that would keep your company afloat.
If you’re looking to deal with the economic downturn in a proper manner, the best thing that you can do is to invest in marketing as quickly as possible. Marketing is pivotal when it comes to your company’s growth and well-being.
You can’t generate ongoing sales unless you have a well-established presence. You can’t just rely on customers who already know who you are, nor prospective customers to be able to find you online. Sure, a few might do that, but overall you will be losing a lot of sales.
Although investing in marketing is not something that offers immediate results, it however an important investment in the future of your business and if it’s done right, it will help you bring in more profitability for your business.
Why should you invest in marketing?
The main reason you want to invest in marketing despite any possible economic downturn is that people still need services and products in your industry, and this is the right time to showcase yourself as the right solution.
When other companies try to deal with the lower amount of sales by cutting marketing costs, you’re getting more exposure and creating a competitive advantage. Proper marketing brings you more sales, and it’s something that you have to take into consideration as much as possible.
You can utilize your investment in marketing to better engage your customers, assess their needs and learn about their concerns and how you can assist them (especially during this challenging time). It delivers the best of both worlds. You even get the opportunity to inspire customers and show them that you are offering the best value for money.
A lot of business owners view marketing as an expense and they are right, if marketing is NOT done right.
What you want to do is to set up things like up an evergreen automated system – like a Marketing And Sales Funnel and initially invest in paid traffic to build your own audience and a group of followers. It is smart leverage. You are essentially making money from other people’s audience. Create that, and when you have enough followers, you won’t need to pay Facebook or Google every time you have a new offer or need people to see your offer. Instead, you will spend less in marketing and still get a lot more leads than before.
Investing in the creation of a sales funnel is a very good idea. It can prevent any possible financial issues within your business and can keep you afloat even in dire situations like the corona virus lock downs happening all over the world.
So, the question is, HOW do you maximum exposure with every dollar you spend to generate enough leads and sales to sustain your business in the long run?
It doesn’t have to hard, nor expensive.
Start simply by downloading the Marketing Health Audit by clicking the link below. It will give you a good understanding on the 'marketing health' of your organisation is at, and some useful tips on what you can and need to do to ensure that your marketing efforts will be able to keep your company afloat.
You can also outsource the implementation and management of your entire marketing. That means you don’t even have to learn how to work with certain tools, that can be delegated!
Stop thinking about cutting any marketing costs, instead invest in marketing right now and find creative/different ways to attract customers and still offer them value without the risk.
Despite the Corona virus problems, people still need products and services, and you can be the one to offer them amazing solutions at affordable prices. But you need to get to the customer, and good marketing is the only great way to achieve that!