As a business owner, you may be feeling the pinch of the current cost of living crisis. Your first instinct may be to cut costs wherever possible - but resist the urge to do so with your marketing budget! Here's why...
1. Marketing is an investment, not a cost
When you think of marketing as an investment instead of a cost, it changes the entire conversation. An investment implies that there is a return - and there absolutely is when it comes to marketing.
So, while it may feel like a hit to your bottom line in the short-term, marketing will help your business grow in the long-term.
2. Make your brand unforgettable
Consistent marketing is the best way to make your brand unforgettable. Cutting your marketing budget would mean fewer posts, lower engagement and, eventually, a loss of followers. However, if you consistently keep posting, telling people who you are and what you can do for them will keep you on the top of their lists when they eventually make it out the other end.
3. Keeping ahead of the competition
If you're not marketing, you can bet your competitors are. They're fighting for the attention of your target consumers, and if you're not there to remind them that your business exists, they're likely to choose one of your competitors over you.
Even if you're the best in your industry, if consumers don't know about you, they can't choose to do business with you.
In conclusion, as a business owner, cutting your marketing costs is not the answer to the current cost of living crisis—or any crisis for that matter. Marketing helps you stay top of mind with consumers, keeps you ahead of the competition, and grows your business. So instead of cutting back on marketing, now is the time to invest in it more than ever before. Your future self will thank you for it!
Other news:
We've had a busy few weeks for Morecambe Hire! A huge thank you to everyone who has hired our meeting/training rooms and hot desking spaces. If you would like to book or find out more about our Morecambe Hire service call 01524 418 225.
If you would like The Consult Centre to manage your business's social media, get in touch: enquiries@theconsultcentre.com. We'd love to work with you!
Join the Social Crew: subscribe now for training, hints, tips, and coaching