Listen to the news and the U.S. economy appears to worsen each day. Banks are tightening credit. Losses are mounting. Accounts are paying late or not at all. Your company, or the companies that make up your association, are facing difficult days ahead – and may be struggling right now.
Is this a good time to be marketing and promoting your services?
Actually, it is. While it may seem counter-intuitive to promote to customers that, in many cases, are laying off employees, reducing inventories and cutting back on spending, the benefits of actively continuing your promotional programs far outweigh the consequences of retreating from your marketplace.
There are several reasons for this, chief among them:
• Despite the economy, someone out there needs the services you offer. You need to continually remind your customers—and potential customers—that you are available to help them keep their businesses up and running.
• You don’t want to miss out on opportunities as they occur. New products will be introduced, new competitors will appear, new issues will require regulatory or code action and new opportunities will emerge. Someone will take advantage of these changes—it might as well be you.
• You’re not the only one feeling the pinch. If you can outlast your competitors, or even grow by merger or acquisition while valuations are at bargain levels, you can actually strengthen your competitive position.
• You want to be ready to capitalize on the recovery. Economies run in cycles, and as sure as day follows night, the current downturn will eventually bottom out and turn upward again. Those who are in the strongest position when it happens will be the first to gain and will lead the pack as the resulting expansion continues.
So while it may seem time to tighten your belt when it comes to marketing and public relations, in many cases the opposite is true: your customers still need goods and services and less competitive clutter blocking your message from reaching them.