Last week I wrote about where to cut in tough times, and I talked about an attitude of thinking small: think paperclips. If you missed it you can catch it here.
However, there is one thing you must not cut, in fact, you need to spend more on this segment of your business.
We are all tempted to cut everything we can in tough times and that is good management and stewardship of our resources.
Many business owners make the mistake of cutting their marketing budget as a significant part of their cost reduction strategies.
On the surface this might seem to make sense, however, it’s completely the wrong place to cut back.
Just the opposite is what needs to be done. We need to spend more.
Here’s the logic behind the proven success model of doing the opposite of what ‘everyone’ tells you to do on your way to a successful business.
When you cut your marketing expenses you are in fact shutting down your pipeline for new business, which is exactly the opposite of what you need to survive in tough times.
Putting more energy into your marketing, and generating new revenue is the path out of tough times.
There are two things every business owner can spend, or invest. The first, and most commonly understood is money. The second, and arguably even more lucrative is how you spend (invest) time. These are huge assets to be carefully guarded over.
In tough times, spend more on marketing. Short on cash? Invest more of your time asset in your marketing.
There are hundreds of ways to do direct response marketing without a huge outlay of cash. There are more ways to get free marketing than at any time in history. Granted it may take some time and a deliberate effort to educate yourself, but the rewards are well worth the effort.
We all go through tough times, and historically some businesses go out of business. At the same time, a surprising number of businesses thrive in tough times, largely because they spent more on their marketing and respond to changing market conditions and opportunities quickly.
Cut out everything you can, but double up on your marketing and enjoy the ride to greater prosperity.
Feel free to schedule some time with me to discuss your situation without strings attached.
Remember: You only get results if you take action on your ideas. Do it now!
