What marketing do I do in this economy?
Standing out or just being status quo
Over the past month, I have had the opportunity to see a museum choose to be status quo (continue to do everything the same), a wedding planning company double their prices, and a hi-tech company choose to sponsor a trade show.
In today's economy, where money is a bit tighter then it was last year, which one do you think was the better choice? The museum continuing to spend the same amount of money on marketing? The wedding company doubling their prices? Or was it sponsoring a trade show?
They way I would rank it, since I was involved in the process, but, obviously not the final decision, would be the wedding company, then the hi-tech company, and then the museum.
If your business can be unique and stand out from the crowd, then, why not double your prices?
If you want to make an impact, then, sponsoring an event may help.
And of course, battening down the hatches and continuing to do the same thing hoping that everything will pass is the last choice that I would ever recommend.
Some people say the economy is back on track, others say it will take another year and still others say it will take years.
Who knows. You can sit and worry about the economy or you can study it, look at the new buying habits that are emerging from companies, and change your business to meet what the new buying habits are.
I recommended that the wedding planning company double their prices - there were over 100 companies charging the same or less, there was one company charging 10 times as much, the market was wide open to a medium range for wedding planning costs.
I recommended that the hi-tech company sponsor an event, but, also do the appropriate advertising and public relations activities to capitalize on the sponsor investment. They did not and they will be disappointed.
I recommended to the museum that they double their efforts and costs in marketing. Yes they are a non-profit, but, they do have the money. They chose to remain the same and even cut back in some area's.
I don't need to remind all of you what I wrote on this blog over two years ago - when everyone else is cutting back on marketing, it is time to double yours. Read the blog entry if you want to learn more on why I say this.
And that is the point of this posting - now is the time to increase your marketing costs!!!