Cut Your Marketing Budget? Think Again

In 2009 I wrote what became one of the most read and most republished columns ever.

It touched the hearts of many and was shared with businesses and individuals across the country. A news organization had a copy of its column hanging in its advertising department for years. Because in the midst of the biggest recession our country has seen in years, it said something many people hadn’t thought of… marketing.

During COVID we have seen this happen again. Although the circumstances were different, there were similarities. Companies and organizations were just trying to survive. Many have succeeded, but many have not. Each situation was different, but those who put relationships and marketing at the forefront were far more likely to always have their audience and prospects in mind.

Who didn’t face rebuilding a relationship that may have been lost. Customers are lost and prospects don’t know what you have to offer. Donors don’t know what you’re doing. Don’t lose this precious momentum.

When companies and organizations need to cut costs, they often cut their marketing budgets first. This is understandable, but very short-sighted. There are other competing priorities. But if you don’t pay attention to your advertising, communications, and marketing efforts, they can be forgotten.

Inflation, the possibility of a recession, the rising cost of doing business, and fear of the future due to uncertainty are slashing the budgets of businesses large and small. But cutting back on marketing effectively cuts down on speaking. does that make sense?

As a business or organizational leader, you should consider how you communicate with your target audience now and in the future. Your communication is likely to change and can change. Now is the time to do your homework and dig in. Now is the time to plan. After all, as Thomas Edison said, “Luck is what happens when opportunity meets plan.”

Effective planning requires an understanding of operational conditions. This includes target audience, geographic location, competition, opportunities, etc. Your message should be carefully tailored to engage your target audience in a thoughtful and purposeful way.

So where do you start? Be creative. Many may need to cut back, but there are ways to connect. make a plan. A haphazard effort may create the perception that something has been accomplished, but without planning, the effort may go awry. Can you use technology effectively? Do you have the right people to push you forward? What do you need to change to do your best on a tight budget?

Dust off your communications/marketing plan. It’s probably outdated at this point. If you don’t have a plan, make one and move forward. Who do you want to communicate with? what do you know about them What do you want them to know about you? How do you reach them? What are your competitors doing?Why
Is your target audience interested in your message?

In 2009, and again during COVID, those who planned were more successful than those who didn’t. Companies that didn’t waste their marketing budgets were in a position to move forward.

Keep these Jim Rohn quotes in mind. And guess what they have planned for you—not much.

Stacy Cornay is the owner of Communication Concepts Public Relations & Advertising. Please call 303-638-7127. scornay@comm-concepts.com; comm-concepts.com; Facebook.com/Communication Concepts; Twitter @CommConceptsPR;