Q In this unsteady economy, I have to pull back on my marketing dollars. How can I not lose momentum? -LEON, ATLANTA
HERE'S A QUESTION to answer your question: Do you have to pull back your marketing?
I'VE BEEN through downturns as an employee and as a founder, and have learned an important lesson: Just because everyone cuts their budget in the same place doesn't mean you have to. In fact, when the herd moves in one direction, it creates opportunities.
If your goal is sustaining momentum-which means doubling down on your most loyal customers and winning new ones-why would you assume marketing is the place to cut?
Successful marketing depends on many factors. Some of it you control, like the messaging, creative, and good targeting. Other parts you don't, like saturation of the marketplace, how much your competitors are spending, and your customers' mindset. But when recessions or downturns hit, the uncontrollable variables can work in your favor, because...
This story is from the March - April 2023 edition of Entrepreneur US.
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This story is from the March - April 2023 edition of Entrepreneur US.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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