Let’s repeat the lesson, because we have another crisis.
New crisis, old dilemma. Should you invest in marketing when there is a crisis? sould you eliminate that item, which is still unfortunately considered a cost to companies and it is easiest to reduce that cost first.
How justified is it?
According to all the advice of marketing specialists and consultants, in times of crisis marketing is mandatory and the process of promoting the product, service, brand must not be stopped. It is devastating and will drive the business out of the market very quickly. And the competition will be ecstatic because that is what it expects and desires.
Do you want that, as companies that have fought and gone through all the ordeals?
It warrants some serious thoughts.
What is gained and what is lost?
Do not save on marketing!
Business consultants say: Trust is key. When a company gans trust, then it is something else entirely. Marketing should be aimed at gaining trust. The buyer gives money for a product or service to a company he trusts, to a company that is quality and dedicated in its operations.
It is necessary to revise the strategies, to see if the products or services, as they are, are still needed in the market and if they are in tune with the needs of the buyers and the trends.
To analyze, to work as a team, to invest in marketing. To continue building and maintaining the brand, as such shocks in the markets, separate the good companies and those who have worked hard on their brand. Do not discontinue, communicate with customers and suppliers, invest in marketing. Adapt marketing strategies to new changes, in marketing itself, with a strong emphasis on online promotion, in all its forms and shapes.
One more thing from the consultants, as a reminder:
“More than ever, your company’s storefront is at the phones. Therefore, marketing is an investment and an aid to sales. If you want to become a brand, you have to advertise yourself so that as many people as possible will know about you. How will anyone know about you, your company, your product, what you offer, if you don’t advertise”, says Indira Popadic, a business consultant from Novi Sad.
Trends change. Today, smart technologies help a lot. We should take advantage of that. But with well-thought-out marketing. Then, every company will certainly improve its operations, and will certainly double its sales. But it also means increasing the company’s activities, even tripling them. Not in the sense of ending a campaign or marketing and calling it quits. On the contrary, to continue, to work continuously. Because it is necessary to maintain constant communication with the buyers, not to lose the connection with them, because if the company fails to forge an emotional connection, buyer – product – brand, the chances of success and increase in sales are lower.
One thing is confirmed, marketing is a mandatory activity in times of crisis, adapted to situations and opportunities, well conceived.
The responses of managers and company owners regarding the avoidance of marketing are always strange and unsustainable. In the sense, “we can’t do it now, it’s very difficult, we don’t have any marketing funds”. If you follow the activities of many companies, it will be easy to see that, if a reorganization and selection is made in some expenses and steps taken, they will have money for marketing as well. Although, the marketing budget should not be with some sums that will be modest and will not give space to the marketing department to do the work successfully, as “their hands are tied”, but a budget that is determined based on a marketing strategy, made with previous market and company analysis. Marketing, planned for multiple media, multiple communication channels and marketing that has continuity.
Not just social media marketing, for is it the cheapest option. But also marketing on television as a medium. The statistics show that every Macedonian spends an average of 4 hours and 34 minutes a day in front of the TV, and Macedonia is in the third place in terms of television viewing in the world. Also, the fact should not be overlooked that despite all the new media forces which take away from the cake of television as a medium, television remains a powerful and the most relevant medium, with the influence on the viewer, that is, the potential buyer, created when the viewer is watching the ad on television.
The analysis only confirms that, because according to a survey conducted, “Of the media, respondents mostly use the Internet and television, 46% of them use the Internet, and 41% use television several times a day.”
Any company, irrespective of how well and successfully it works and how good and competitive its product is, if it fails to show and promote it to the customer, if it does not put it on a pedestal, it will be much more difficult to develop, increase sales and be successful.
Therefore, forsake the marketing funds, lest the market and the buyer forsake you.
And when one thinks of marketing, one thinks of all the elements that make up marketing, which will be led by trained professionals in that activity.
It is not enough for “kids at home” to post or share a post. Or “I have one child in the company, he is also good at marketing” Planning and professional management of marketing activities is necessary.
Just to remind you, as a school example of the influence of marketing. During the great global economic crisis of 2007, those companies that continued to invest in marketing rose to the market, grew, consolidated their market positions, occupied vacant market positions, and became market leaders. They emerged victorious and stronger than those who were afraid and retreated, hiding in fear. Just to eliminate marketing costs.
The lesson needs to be learned, it is very simple and quick to learn.
MARKETING is not an expense, MARKETING is an investment.
Maria Georgievska, M.Sc
Editor and host of the business and economics show PROFIT
