During this recession, many companies are cutting back their marketing budgets and becoming as lean as possible to stay afloat, but is this the right tactic? Should businesses be taking risks or laying low? There may be evidence that now is the time to be taking risks and making your brand known.
Big brand companies such as Toys ‘R’ US, Proctor & Gamble, and Fiat are taking advantage of the opportunities in the marketplace by purchasing competitors. Another big risk taker is Microsoft with the release of Bing, a search engine to compete with powerhouse Google.
Regardless of the size of your business, large or small, a company needs to be aware of the needs in the market and how to utilize the marketing budget to reach their target demographic.
Here are 5 quick tips from Jamie King, President of Euro RSCG Chicago, for managing your marketing budget:
- Prioritize your spending on the most important objective – spend on the objective that will pay off first.
- Don’t get rid of the discretionary budget line – even though it’s not of importance and can be done without, it may be the boost you need to take advantage of opportunities that arise.
- Own a space in any media medium – put your brand out there and make it known; whether it is radio or digital, etc.
- Use customers as advocates for your business – a high customer satisfaction rate leads to positive word of mouth for your business.
- Optimize all your assets – employees, company vehicles, your buildings, etc. are all a part of your assets; make them a part of your branding strategy.