Make More of Marketing
Added on November 25th, 2008
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Business may be slow in many sectors right now but where a lot of businesses go wrong is cutting back on the very area that can give them a chance of survival. Marketing is often seen as a cost rather than an investment. Recession hit companies who are cutting marketing budgets should be wary of adding to the global dilema. Cutting down on spending means reduced sales for your suppliers and so on…. so we really do talk ourselves into recession!!
So how about bucking the trend and making sure that you are in with a chance of winning the business that is out there even though it may be a little harder to find? A recent article on our local ‘The Best Of..’ newsletter emphasises how crucial marketing is. The Financial Times have apparently been behind a poster campaign questioning the ‘Global downturn’ . The poster directs people to their website www.ft.com/budgets where there are highlights of Independent studies demonstrating that companies spending more in a recession were more likely to be the ones whose profits rose substantially when the economy recovers. (McKinsey study)
Another report by Patrick Barwise, London Business School Professor fo Management & Marketing states that ‘the advantages of maintaining or increasing marketing effort are greater than the short-term benefits of reducing spend’.
