National averages show that businesses are spending 2% to 10% of their annual gross revenues on marketing. Hard times call for desperate measures, but now is not the time to cut your marketing budget. If anything, now is the time to get out there. The recession has caused the advertising dollar to go further and you can get more for your money now. Ads in all media forms are cheaper and with the Internet, there are so many ways to reach your audience for free. Take that 2% and plan to make sure you are out in front of your customers now so when things turn around, they know you are still there, they know they can trust you, and they wouldn’t think to go anywhere else!
It is hard to spend money on expenses you don’t see immediate results for, but now is the worst time to stop investing in your company! “If you are marketing from a fairly static annual budget, you’re viewing marketing as an expense. Good marketers realize that it is an investment,” says Seth Godin. Don’t forget that your marketing investment is also 100% tax deductible at the end of the year.
Start Marketing! Start Investing!
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