In today’s uncertain economic times, it’s more important than ever to make every dollar count when it comes to your business. Your top priority should always be improving your profit margins and increasing your bottom line. Therefore, many times, the first thought is to cut corners on marketing. However, it’s important that you don’t act on this thought.
Why is Marketing Important?
When the payoff is delayed or unquantifiable, it can be easy to consider marketing an unnecessary expense. However, it’s important to note that marketing is critical for your business because it creates a connection between customers and your products/services, as well as providing the following benefits:
Marketing shows your potential customers that you are professional and reputable.
Marketing shows your potential customers why they need what you are selling and where they can find it.
Marketing allows you to connect with your customers and tell your story.
Creates customer loyalty
When you engage with your audience, offering news updates, discounts, offers, and more, they will remember you when they need what you are selling.
Dangers of Cutting Corners on Marketing
If you decide to cut corners on your marketing, you may experience the following:
Loss of market share
You may cut corners on your marketing efforts- but your competition has not. A company that is marketing has more opportunities to connect with customers and convince them to buy.
Unable to attract new customers
While your loyal customers may continue to purchase without marketing, you won’t be able to reach out to potential customers and turn them into loyal customers.
Loss of credibility
If you cut corners on marketing, you will be missing out on the chance to prove your expertise in the industry. A few ways that marketing improves your credibility are: current website, search rankings, excellent online reviews, and frequent social media activity.
Get the Most from Your Marketing Efforts
Instead of cutting corners, take the time to re-evaluate your efforts. Ask the following:
- Which channels bring the most response?
- Does your message resonate with your customers?
- How can you repurpose your content?
- Where can you scale back?
Marketing is more about quality than quantity and is an important part of running your business. Evaluate your efforts and determine what works best- and stick with it.