Picture this. You’re a small business owner and as you recap the end of 2018, you realize that this past year wasn’t as profitable as you’d hoped. Maybe the weather played a part, or the vacationer foot traffic was down, or maybe there was more business competition in the area this year. As a result of this revenue decrease, you decide that you are going to have to make some budget cuts in the new year, so you sit down to take a look at your expenses. Unfortunately, the first thing many small business owners look to cut is their marketing budget. Here is why we at JASM think this is a mistake.
In years where a business’ profit is down, they assume that they should rest on the idea that they have achieved their spot in the marketplace and that they will remain there even if they cut their marketing budget for the next year. This can be compared to getting an airplane off the ground and assuming it will stay in the air at the same height once the engines are off. In our experience, when this happens we have seen businesses start to plummet, while competitor’s with a consistent marketing plan, still soar. By employing this tactic, you may even lose existing customers, while at the same time, it will become more difficult to obtain new customers for the same reason.
Another important fact to keep in mind is that during hard economic times, business owners aren’t the only ones who are looking to save a few dollars. When times are hard, customers are more likely to spend their time researching who can provide them the best service for the best deal. This is where your marketing will really come into play, but if you have already cut your marketing budget, the competitive deal won’t matter because it is less likely to be seen.
The last and most important reason not to cut your marketing budget is TIME. One of the biggest problems most small business owners have is lack of time and resources, which makes their time extremely valuable. Additionally, many business owners don’t particularly enjoy doing marketing or have a lot of experience with it. This causes frustration and wastes time, along with money, many times not getting the results you need or want.
The solution: why not outsource?
According to Forbes Magazine’s 2017 article, “The State of Small Business Marketing”, 54% of small businesses have turned to outsource not just graphic design and website design, but marketing, public relations, and advertising as well. This decision frees up your time and allows a team of cutting edge professionals to focus on creating and executing your marketing plan and budget.
At JASM Consulting, from Google AdWords to large-scale outdoor advertising and everything in between, we make sure that you are seen by the correct audience. The market in which we live and work is a unique one and we understand the ebb and flow that occurs. When you have a rough season, cutting your budget isn’t a solution. We help you understand which tactics and advertising products will work best for your business and reorganize your marketing spend to better benefit your business goals. Contact us today at 609-840-6173.