Are you ready?
As speculation about economic recovery continues, are you ready to take advantage of new growth opportunities, or will your competitors get the jump on you?
In order to achieve and maintain competitive advantage, businesses need to ensure that their existing and new customers know about them, but more importantly WHY they should choose them.
Yet, in our experience, many business owners and companies scale back on their marketing when times are lean. But arguably this is the time to plan and put in place your marketing strategy and tools so that you're best placed to take advantage of the next growth cycle.
It can be difficult to justify extra spend in lean times. This is why we encourage businesses to view marketing as a long-term investment. Running a single campaign or advertisement is unlikely to generate immediate results or instant gratification.
In a world in which we are constantly bombarded with brands, messages and choices, it takes time to establish visibility and credibility amongst target customers. As such, marketing efforts need to be sustainable over a long period, even if some phases are leaner than others. This is a marathon, not a sprint. Careful budgeting, campaign planning and tactical selection are key to ensuring businesses have the marketing ‘stamina’ to gain and maintain engagement with target audiences.
For example, let’s say that you have created a new product or service for a particular sector or segment. You could invest in a big launch event which will pop and fizz for a short time and may even generate some initial interest and orders. But once it’s over, there is little left in the pot to keep the attention of target audiences and the interest can quickly drop off. We call this the ‘firework effect’.
Alternatively, you could run a series of regular direct, target campaigns over a longer period to organically establish relationships, trust and loyalty in your products and services. Not only does this tend to be more effective use of marketing efforts, it also helps with cashflow.
"But we still can't afford to" I hear you protest. In these competitive times, can you really afford not to?
And even if you only have a modest budget, financial support is also available from sources such as GrowthAccelerator, Lancashire Boost and Cumbria Business Growth Hub.
If you want to make sure you’re ready for the future, get in touch and we can help you start putting things in place so that you can take full advantage of what the markets have to offer.