Slashing Marketing Budgets

I was discussing the difficulties of marketing in this economy earlier this week with a client. She mentioned that it's becoming more and more expensive to generate leads due to the financial conditions here in the Inland Empire and Southern California. (and of course the rest of the country) Although cuts have been made and projects put on hold, one thing they aren't cutting is their marketing budget.

This isn't just good news for the company doing their marketing material, it's also a wise choice. A recent article in the Inland Empire Business Journal says that cutting back on your marketing efforts when people are already hesitant to spend money is "akin to corporate suicide." It's true. Can you really afford to lose current customers and stop attracting new ones?

On the other hand, a solid marketing strategy can get you through when times are tough and can position you as a leader in your industry as other may be failing. (more on Optimizing Marketing in a Recession here)

As the economy continues to struggle, we may have to work harder to make sure that marketing is targeted and effective. However, one thing companies can't afford to do is cut their marketing budgets and risk losing out on valuable business.