If you have the best product or service in the world, but nobody ever sees it or hears about it, nobody will buy it. During financial hard times, this insight is all the more true. Recent research and past studies state that marketing has an even higher success rate during recessions. According to a McGraw Hill Research study of 600 B2B companies, brands that aggressively increased marketing efforts during economic downturns “grew 275% more than those that did not.” Those that lower their marketing spend in good times and bad times alike show a decline.
Through email marketing alone, brands receive $42 in return for every $1 spent. Companies with blogs receive 67% more leads than those without. In varied economic situations, marketing enables brands to achieve their financial goals. So, when your budget is limited, and you need to cut your nonessentials, never let your marketing go.
Your marketing investment will empower you to:
1) Generate new sales.
2) Drive customer loyalty.
3) Connect with employees.
4) Eliminate competitors.
Let prospects know you exist.
Without marketing, there can be no sales. Tell people what you can do. Then, keep telling them. Marketing gains brands the attention they need to penetrate the market. And authentic communications reinforce messages in audiences’ minds—turning prospective customers into valued connections. As long as your message matches your service—the more people hear, the more people will buy, and the more your company will grow.
Retain your existing customers.
Your marketing won’t just attract new customers; it will also help you retain your existing ones. When your message is constant and consistent, your brand will be top-of-mind to your established customers. Additionally, continuous communications create a picture of credibility and stability. This image inspires customers to stay customers. And as any experienced entrepreneur knows well, it costs far more to obtain a new customer than it does to retain an old one.
Engage your current and prospective employees.
Your customers aren’t the only ones who care about your messaging. Your marketing matters to your team members as well. It is an essential tool to communicate an attractive culture and cultivate the attention of top talent. With the right message, employees will do more for less to be a part of your brand. Businesses can also use marketing to share team achievements, boost confidence, and increase employee satisfaction. Highly-satisfied employees translate into low turnover rates, high workplace productivity, and highly satisfied customers.
Step ahead of the competition.
Your messaging can set your brand apart from your competitors. Marketing empowers you to communicate your differentiators, and marketing in itself can be a differentiator. A strong image that aligns with your target audience will draw them to you. A loud voice in a quiet market will send clients and consumers flocking to your door. And a proud picture of past accomplishments will empower your brand to accomplish more in the future.
Marketing is not just an expense; it’s an investment. In the midst of financial turmoil, businesses that invest in their marketing overcome their challenges. And in the heat of success, those that invest in marketing maintain their momentum. Studies and history agree—customers and employees alike choose brands that market over their competitors. So, market your brand, and market it well. When you properly allocate your marketing budget, you get results—greater market penetration, consumer loyalty, and overall growth.