Keep Marketing in Hard Times
Here is some great advice from the Network Marketing Business Journal. If you’re ever at Barnes and Noble, go over to the business section of the magazines, and you will find the NMBJ newspaper. It’s a great newspaper where there is news, industry advice, expert stuff, legal stuff, and usually highlighting a company or two. I highly recommend you buy a copy.
“It is true that people are spending less. It’s also true that business owners, due to that observation, are marketing less. Well, take advantage of that! If you market more you will pull in the business instead of those others that aren’t marketing,” advises David Olgivy, author of Olgivy on Advertising . “What should you do in time of recession, when you need every penny to sustain your earnings? Stop advertising? If you stop advertising a brand that is still in its introductory phase, you will probably kill it – forever. Studies of the last six recessions have demonstrated that companies which do not cut back their advertising budgets achieve greater increases in profit than companies which do cut back,” he says.
“There is a consequential effect that marketing has on your business one, two, three years and more down the line if you don’t market during a recession. And while the cost of living increases along with inflation and other factors, you will be losing sales and income down the road when you will really need it if you cut back on marketing during times of recession. But as I say, even though unfortunately, companies will invariably cut their advertising budget during a recession so be smarter and use that to your advantage – for more business and growth now as well as in the future, because if you do you will come way out ahead when the recession starts to wane,” Olgivy maintains.
Source: http://www.nmbj.com/resources/on-line/MLM_news/default.asp?ID=274
The basic advice is even when you need to tighten your budget and possibly even trim some expenses, don’t stop marketing.
