The Marketing Web | Increase or Decrease | How & Where
Advertising is generally the primary place to get cut back or completely cut within a slowdown, should this change? This depends on several questions and is an excellent point. I have always lent toward cutting back in other areas and streamlining my marketing web perhaps, but never to cut out all together. I know it can be difficult to keep spending when the bills are piling up. But with good research, you can analyse enough data that your educated guess is far more in your favour than against. Below is a short list with a few questions you have to ask yourself when these tough decisions occur.
On keeping your current customers or clients; Will cutting back on your marketing web/ advertising impact them?
Are you going to have to lift your customer base to stay feasible?
By enlarging your product / service base, is it possible to close the earnings gap?
Is it possible to enter new marketplaces within in your particular niche which are not as competitive?
Before reductions or promotions are to be made, the aforementioned questions should be thoughtfully considered.
Cost Factors in the Marketing Web
Product/ service costs, as well as advertising/ marketing costs, is just another variable that must be considered. In several businesses price competition increases drastically as companies attempt to maintain capacity client volumes to secure their turnover, income and marketing share. One strategy I have always included is a balance between my SEM (pay per click advertising for example), and my SEO (increasing my natural site ranking) budget and campaigns. In tougher times, like 2013 during the GFC, I reduced my spend on paid ads and instead kept a trickle budget toward my SEO. It is entirely up to you and depends on your particular business. Remember good internet marketing is a mix of great creativity on the back of solid data research.
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