Marketing shouldn't be a Luxury; it's not just about New Sales

A topic very true to my own heart having recently acquired the post as Marketing Coordinator for IIS and with a well established fascination and interest in all things marketing, I truly appreciate and advocate SMEs investing in marketing continuously and recognise it as a way they can turn the downturn into new business opportunities.

Bill Gates famously said that, if he was down to his last dollar, he would spend it on marketing. But, with the UK still stuck in a deep economic crisis, many companies are setting aside strategies for growth altogether and are intent solely on survival.

Global consultancy McKinsey & Co found companies that remained or emerged in the top quartile of their sample overspent their less successful peers by almost 10 per cent during recessions, while other studies have found that companies that increase their marketing spend in a recession recover three times faster when economic conditions normalise.

Marketing is not solely concerned with supporting sales objectives, it's about building and maintaining relationships and ensuring that your company and brand message remains consistent.

According to CIM there are six key reasons why committing to a marketing plan pays off in a downturn.
1.The alternative of heavy discounting could damage your company or brand reputation

2.Customers don’t stop buying, they just contemplate their purchases more than they might have and just need a little extra reassurance

3.Communication is vital, “out of sight” is potentially “out of mind”

4.Innovation is key; in order to survive shifting circumstances businesses need to adapt

5.Empathy is valued; incentivise and create loyalty schemes that demonstrate your understanding or your customers positions

6.Why not utilise the internet and the many free services and social networking platforms that are continually seeing rapid growth in their membership; gain insight, interact and promote your business on a large scale

Though it is claimed we are coming out of the recession, this advice stands whatever the weather. For the time being make the most of the quietness, retain your position and potentially gain competitive advantage!