Stacy Cornay: Cutting Your Marketing Budget? Think Again
In 2009, I wrote a column that became one of the most read and reprinted.
It touched many people and was given to companies and individuals across the country. Even one news agency has had a copy of the column hanging in its advertising department for years. why? Because he talked about something that many people didn't think about in the midst of the biggest recession our country has seen in years. Marketing.
During Covid we saw this happen again. The circumstances were different, but similar. Businesses and organizations were just trying to survive. Many acted, but many did not. Every situation was different, but those that focused on relationships and marketing were more likely to be remembered by their audience and potential customers.
Those who did not have to restore lost relationships. Customers may be lost, potential customers may not know what you offer, donors may not know what you do. Don't miss this important moment.
When companies or organizations need to cut costs, they often cut their marketing budgets first. This is understandable, but very short-sighted. Other competitors have priority. But if you're not careful with your advertising, communications and marketing, you could be overlooked.
Inflation, a possible recession, rising costs of doing business and fear of the future are tightening the budgets of companies large and small. But when you turn off your marketing, you're effectively turning off your voice. Knowing this?
As a business and organizational leader, you need to think about how you communicate with your audience now and in the future. Your contact may change and then change again. Now is the time to do lessons, to get to know each other. Now is the time to make a plan. Finally, as Thomas Edison observed, "Luck is when chance meets plan."
Effective planning requires an understanding of your operational context. This includes your target audience, geographic location, competition, opportunities and more. Your message should be carefully crafted to address your target audience in a thoughtful and conscious manner.
So where do you start? Be creative. While many may need to cut costs, there are ways to stay connected. To have a plan. Random efforts may seem like something will happen, but without planning, your efforts may not work. Is the technology available? Do you have the right people to help you? What changes should you make to look good on a budget?
Finalize your communications/marketing plan. It's probably outdated at this point. If you don't have a plan, create one to get started. Who do you want to communicate with? what do you know about him What do you want them to know about you? How to reach them? What are your competitors doing? why would
Is your target audience interested in your message?
In 2009 and again during Covid, those who planned fared better than those who didn't. Those who didn't use their marketing budget were in a better position to move forward.
I am reminded of this quote from Jim Rohn: “If you don't make your own life plan, you'll end up on someone else's plan. And guess what they have planned for you, not much.
Stacey Korney is the owner of Communication Concepts, a public relations and advertising firm. He can be reached at 303-638-7127; scornay@comm-concepts.com; com-concepts.com; Facebook.com/contact ideas; Twitter @CommConceptsPR; or LinkedIn.
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