What happens to marketing in a tough economic climate?

 

The usual answers are either budgets get slashed, or marketing downsizes and spends budget much more frugally. If your company falls into the first category, we pose the question, Why? Reducing spend is for the weak and uninformed!

 

Small and mid-sized companies can get into bad and costly marketing habits, developing channels and strategies that get deployed then forgotten. Then in the face of a tough situation, the company slashes whole channels at once, cutting costs without much analysis other than savings impact. This slash-and-burn technique doesn't reroute previous web traffic or have any way to solve the reduction in lead flow, just to cite a couple of examples, and that is a problem.

 

Never mind the obvious pitfalls of companies using "set it and forget it" marketing techniques, continuous measuring and improvement should be the goal. So when lofty goals and high expenditures come crashing down to reality, many small and mid sized businesses are caught without a contingency plan, or the deep and involved understanding of their own marketing mix. When ties get severed with big name, high priced marketing service providers, too often crucial marketing intelligence disappears along with the working relationship.

 

See? Smaller is often better, in terms of Recessionist Marketing and the marketing service providers you work with.

 

Case in point: In a recent conversation with Morgan Rae Berk, a contact of mine who owns her own event-planning company, she was starting to sell a lot of new clients on the fact that she had all the tools at her disposal of a large and overpriced event-planning firm, without the huge overhead. The clients were keen to keep their forecasts on target and their events rolling; only in a smarter, cheaper way. Her event-planning business is thriving thanks to her ability to provide just about everything a larger provider could, and deliver a higher level of flexibility and customer focus. Plus, like any good professional, she keeps a stellar network of people relevant to her business and its success.

 

As Morgan says:

Shrinking budgets are actually a godsend for the non-agency. A smaller budget means firms are looking for creative ways to get their projects completed without sacrificing quality. (Plus our) collective network can do the same workload as an agency, without adding large overhead expense lines to their budgets. Plus, this allows for a much more diverse talent pool; I can choose who is best for the specific project at hand and am not stuck with the same creative team every time.

 

In one of Morgan's current engagements, the client is the tourist bureau of a well-traveled tropical island. The tourist bureau needs to maximize budget, and has chosen to work with her for a fraction of the cost of a big-name, high-overhead firm, without losing any impact or reducing expectations. Through her firm, the bureau is getting more than they could have asked for through a highly personalized touch, and her ability to execute and manage all facets of their event. Let's not forget the network; she has more travel and tourism media at her disposal than one can conceive. The PR gains alone increase her value exponentially.*

 

Who does your small marketing partner know? Prepackaged and well-hyped claims are not our business; Getting things done right for less is...

 

How else do we save your marketing and save you $$$? We'll explore more ideas on this topic in future posts.

 

*Do ask who your small marketing partner knows. If they are worth their salt, they have contacts at their disposal that can be invaluable in high impact, low dollar marketing.