Is a tough market the right time to be cutting your marketing budget?
Not if you want your business to get through the economic downturn and be in position for when the economy improves!
It’s best to think of your marketing in the same way you think about breathing. You take a breath without ever thinking twice. You can’t live by only taking one breath, or even two or three. In the same way don’t think you’re going to obtain and attract a new customer with only one marketing effort, or even two or three.
You keep breathing to stay alive. You keep marketing to stay profitable.
So, when is the best time to do marketing?
The best time to do marketing is when you don’t need any more business. Your best prospect is an existing customer or client and the best marketing is identified by quality and not quantity.
Know that your best marketing vehicle, and least expensive, is a satisfied customer. And that the two best ways to measure your marketing are by customer retention and by profits—how much money you keep—both a part of each other.
Question: Do you currently market to your existing customers or clients?