Why You Shouldn’t Cut Your Marketing Budget When Times are Tough
Cutting out your marketing budget because of financial worries is like throwing away your watch because you are afraid of getting older.
Neither is going to help. So, why do owners cut their social media marketing budget?
The deception of social media is that it’s the right thing for the owner to be doing. Granted, I know so many business owners who are incredibly talented at social media. But they are also talented and responsible for hiring/firing, ordering inventory, paying the bills, collecting accounts payable, networking, and all the other endless responsibilities that fall to the owner.
Because of that massive list, many owners outsource their marketing, especially their social media. But once the economy tightens, some quickly pull their marketing funds. The challenge with this thinking is that, if you have a professional and effective marketing company, they are one of the few people helping you grow your business.
The solution isn’t dropping your marketing budget but increasing it and expecting more from your marketing company.
You might think, “Of course that’s what you would say, Gordon. You own a marketing company.”
Sure, but it’s true. If your marketing company is helping you grow your presence online, cutting that out of your budget is a double whammy: economic difficulty and loss of market share.
The key is to find other safe areas to cut if you have to lower your budget. For example, you can:
Have employees clean instead of a service. If your less busy, they have more time.
Check and see how much you pay for music services, email services, and any other subscriptions.
Just whatever you do, don’t cut out the very things that are intended to grow your awareness to potential clients.
Hang in there, and let us know if we can help in any way.
Gordon Duncan
919-412-8161