Recession Strategy
Maintain and Gain
As we move forward with our businesses, there may be some challenging times ahead. During times of economic instability, it is not uncommon to review present expenses and decide what should remain and what just has to go.
Before you make any big decisions regarding your investment in marketing, I think it is important to share the follow information with you:
McGraw Hill researched 600 companies which either increased, maintained or reduced their marketing expenditures during a previous recession. Those companies that maintained or increased their marketing exposure during the recession averaged a 275% increase in sales during the third year following the recession.
In contrast, those companies that reduced or eliminated their advertising showed only a 19% sales increase during the same period.
In other words, if you are considering making a drastic cut to your marketing expenses in response to the current economic trends, you might want to reconsider. Contact us at Lift Strategies about our keynotes & training programs for business associations as well as our Strategic Advisor Program for small business owners. Instead of cutting back, we’ll help you get a bigger bang for your marketing buck.