What do you do when business is slow, and profits are down?
If you think that the answer is “stop marketing,” then it’s time to think again. While it’s true that marketing might seem to be less essential than other areas of business, the truth is that a solid marketing plan could spell the difference between success and failure.
Not convinced? It turns out there’s research to support the idea that marketing is critical during a recession. A Harvard Business Review study looked at the performance of 4,500 businesses during a recession. It found that the companies with the most forward-thinking attitudes – in other words, those that didn’t engage in drastic cutting of their marketing budgets – performed the best both during the recession and in the long term.
This evidence doesn’t mean you should go on a spending spree, buying ads left and right. What it does mean is that smart marketing should be your focus. Here are some...