With the looming threat of recession, people are looking for ways to cut down on costs for their businesses and many people think that cutting back on their marketing budgets is a way to do that. This is not true! There is an age-old adage that proves true time and time again: “when times are good, you should advertise; when times are bad, you must advertise.”
The point is, during a recession you definitely want to be the brand that stands out. People are more careful about spending money, so you want to be the business that they choose to spend money with. Kellogg’s is a perfect example of this. During the Great Depression, Kellogg’s doubled its marketing budget while its competitors cut their marketing budgets. The result? Kellogg’s profits grew by 30%! (Marketing Moves, 2020)
If your business doesn’t have the budget to spend more on marketing, don’t worry! You have options! The point is to increase your marketing efforts, not necessarily spend more money. Here are some things that you can do to market your business on a budget:
- Create a Google My Business account – Does your business have a listing on Google? This is free to do and will help customers in your area find your business easier.
- Build your social media presence – Social media is a free tool and chances are your target market is active on at least one platform. On social media, you can connect with your audience in a variety of ways like creating posts, direct messages, and creating groups.
- Optimize your website’s SEO – This one is a little more difficult and time-intensive, but it is free to do and can help drive traffic to your website. Consider adding more location-based keywords and posting blogs regularly.
- Grow your email marketing – Email marketing is still one of the most inexpensive and reliable marketing strategies.
Another effective strategy is to hire a professional marketing team. Muldrow Marketing has marketing packages that fit almost any budget, and we pride ourselves on finding the best strategy to fit our client’s needs and budgets!
