The Recession and Your Marketing Budget? Have You Increased it or Cut Back?

Disucssion started on May 18, 2009 by:
President
(3) Responses
All Discussions

Tumblr
Email

During hard economic times, many companies' axe the marketing budget first. Experts in marketing and advertising say hard times is exactly when you need to spend more to increase market share. (well, of course they'd say that)

What is your reality? As a business broker, I have seen many of my clients go off in both directions. Some cut the majority of their ads while other business owners have gone so far as to cut their salaries by 50 0r 60% in order to boost their advertising efforts.

As far as my business goes, I have been in between, evaluating my return on investment for each marketing effort and have also increased my budget. I have pulled from certain online outlets and have re-directed those funds to other avenues that I think will be more effective. I have also modified my direct mail and have stopped the letter-writing campaigns and am just continuing with post cards, which have been overwhelmingly effective.

How have you reacted to this market?

3 Responses

BUSINESS INFORMATION SERVICES

Jun 15, 2009

Principal Owner

I have been using post cards also, and they have returned about 10-fold what I paid to have them printed and mailed vs. what the increase in sales. So even though I don't spend a lot of time with the post cards that I get, I do read them. I think direct mail still works.
- 36
OPEN Forum Moderators

Jun 20, 2009

Moderator

Does anyone else have opinions or experiences to share concering direct mail, especially as it compares to intermet marketing strategies you have also tried?
- 36
VISDE

Aug 04, 2009

CEO

Have you considered other free or low cost marketing initiatives, such as social networking or focusing on word-of-mouth? Referrals can come from anywhere including co-workers, current & prospective employees, general public, advertising, friends, direct mail, salespeople, and your customers. I recommend integrating social media and technology with traditional media and/or marketing initiatives. Start a blog, use online tools such as Twitter, Facebook, LinkedIn, YouTube- and don't forget your website, SEO and adwords. Keep the content interesting, current and relevant.
- 34