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Refine Your Marketing Budget for Tough Times

By: Kevin Nunley

Kevin Nunley provides marketing advice, copywriting, and promotion packages. See his 10,000 free marketing ideas at DrNunley.com Reach Kevin at kevin@drnunley.com or 801-328-9006.

After a few years, most businesses establish a set formula for determining their marketing budget, usually a fixed percentage of revenue. But when economic times get tough, it's time to make a few alterations.

The mistake businesses make is to simply cut the marketing budget when they experience a downturn in revenue. Big no, no. In an effort to protect their bottom line, they are more likely to bottom out.

Instead of cutting your marketing budget, try making a few refinements:
  1. Concentrate on past and current customers. They are more likely to purchase from you, even during difficult economic times. Mail to them more often, call them more often and let them know about special promotions more often.

  2. Instead of cutting your marketing budget, refine your marketing message. Customers will be thinking of how they can get more for less, so focus on the value rather than the low price. Keep your prices the same and use special promotions intermittently.

  3. Take a closer look at who your real prospects are. Instead of mass mailing, focus on a more targeted audience. Profile your prospects and find those who have similarities to your past customers. This technique will save you money and elicit a higher response rate.

© 2003 DrNunley.com.

Other Articles by Kevin Nunley

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