Business Good? Great! Business Bad? Great!

Here’s How to Make the Most of Your Current Business Situation 

No matter the size or current success of your business or whether you are CEO or CMO, the name of the game is always retaining current customers while gaining new customers to increase market share. 

We all know this is done through raising awareness, creating interest, and then the desire to purchase. 

So why would any smart CEO or CMO make the biggest mistake any business can make right now and cut back on promotion and customer outreach?

Opportunity exists. You just have to take it. 

With enterprises going out of business in record numbers, you must ensure yours has the staying power it needs to survive and thrive. 

Listen to The The Pros 

Let’s listen to the pros that have proven they have what it takes to make it to the top of their chosen industry. 

For example, Michael J. McFall, co-owner and co-founder of one of the most successful coffee chains in the nation, Biggby Coffee (credited for creating the sweet coffee craze) writes in his book Grind, “One of the first and easiest things to cut in any budget is advertising. Proving that an advertising campaign is working is nearly impossible. The dollars are usually pretty big and are easy to cut. But if you stop promoting your business and expect your revenue to grow, you are in a delusional state. The mistake is so obvious.” 

McFall makes a great point and one that has been made forever (it seems) but many times ignored. Successful CEOs and CMOs know that they must set aside budget to advertise and market to their prospective clientele. 

Yet I still see prospective clients seemingly not taking their business seriously and cutting advertising and marketing budgets when times are tough before they cut back on anything else. 

Cutting back without looking at what is and isn’t working is not a way to success.  

Cutting advertising without an eye on analytics and strategy is a surefire way to defeat. 

Making the spend on outreach that works to build revenue through awareness, interest, desire, customer acquisition, and retention is the answer. 

As Henry Ford famously said, “A man who stops advertising to save money is like a man who stops a clock to save time.” 

But Things Are So Uncertain… 

As the old adage goes, “When times are good you should advertise. When times are bad you must advertise.” 

According to The Strategic Planning Institute of Cambridge, MA, a recessionary market can provide an opportunity for businesses to build a more significant share of the market through aggressive advertising while businesses that reduce media expenditures suffer loss of market share. Further, it was demonstrated that aggressive businesses can accomplish these gains through more significant expenditures without reducing short-term profitability.

Harvard Business Reviews shares the case of "Reckitt Benckiser: In the recession following the 2008 financial crash, the company launched a marketing campaign aimed at persuading its consumers to continue purchasing its more expensive and better-performing brands, despite the harsh economic climate. Increasing its advertising outlays by 25% in the face of reduced marketing by competitors, Reckitt Benckiser actually grew revenues by 8% and profits by 14%, when most of its rivals were reporting profit declines of 10% or more. They viewed advertising as an investment rather than an expense.” 

The Choice is Yours 

How do you view customer outreach, marketing, and advertising? Are you promoting your business through an effective strategy? 

Whether business is good or business is bad, opportunity exists to grow. The choice is yours as to how you want to handle your advertising and marketing budget. 

But would you like a little help? 

Let the team at Shane Shirley Media audit your customer outreach and ad strategy to help you increase ROI and build your business. 

Fill out the form below to get your audit started!