"Dig your well before you're thirsty" is
title of a wonderful book by Harvey Mackay. It is smart advice for investing your money, "Save your money before you need it", or growing your business, "Market today for tomorrow". When times are tough some businesses stop marketing. They reason, 'No one is buying so why should I advertise?' The other time some businesses stop marketing is when they are selling like crazy. Again they figure - 'I can't handle any more business right now so why promote?'
Two key points here. Advertising is only one narrow form of marketing. Marketing is about sending messages. You send messages in a plethora of avenues; advertising, customer service, by association, quality, public relations, sponsorship, awards, etc… And
second point; marketing is a long-term investment.
Selling is immediate. When times are slow you need to crank-up
selling efforts. How do you escape from a sales crisis? Improve selling skills, search out new markets, offer more value and most importantly be systematic. When there is a fire, put out
fire. That's sales.
Preventing
fires of tomorrow is marketing. That is why marketing is so difficult to justify or measure. The good marketing you do today will pay off in a few weeks, months or even years. Is it worth it? Only if you want to be in business in a few years.
Invest wisely in your marketing. Many of
principles of investing money apply to marketing. Don't put all your eggs in one basket. Your message must reach your prospect along several avenues. That conveys more credibility. For example; you might advertise in a magazine, sponsor a community event, send out news releases and offer extras on your website. Your investment portfolio should be diversified, so should your marketing. Warren Buffet's long-term strategy to 'make smart investments and hold' can apply to your marketing. Make a long term marketing commitment to yourself. Stick to it. Be consistent and persistent. That is smart investing and smart marketing.
Consider
different forms of currency in your business. Cash is
most obvious. A signed order is another. Receivables are currency - you can even use them for collateral - or sell them. But some forms of currency look better than others. If cash is best then you might be tempted never to give credit to customers. But you might lose sales because of that. So you may decide to give credit to approved customers - knowing that you can likely convert
receivable to cash. Even signed orders are currency - you can factor them to obtain financing.
Marketing is another form of currency in your business. Good marketing creates customer awareness, goodwill, education, credibility, even desire. All of that can be converted into signed orders, receivables and hence cash.