By Mitchell Schmale
In a struggling economy, many companies fall into the trap of cutting certain internal budgets to manage costs and survive the tough times. Often, the marketing budget is one of the first to be slashed.
Effective marketing is vital for a company to remain competitive during the tough times so that they are poised to be successful when the economy improves. Companies may have to make tough decisions in managing expenses, but slashing its marketing budget should not be the easy fix. In fact, nothing could be further from the truth.
A slow economy is one of the best times to raise your corporate profile as a leading company in your respective industry and capture valuable market share. Rather than turning to traditional advertising to raise brand awareness, many companies find a greater return in investment in public relations. PR and marketing support can grow customer awareness, create an exciting buzz around a company and help gain strong third-party endorsements in the media. During a down economic time, corporate and customer success stories shared through an effective public relations and media campaign often resonate much more powerfully with consumers than a stand-alone advertising campaign.
It’s time to dispel the myth that a company has to cut its marketing budget because it is not yielding the expected returns, when in fact, the truth may lie in spending its marketing dollars more creatively.
Mitchell Schmale is the Vice President of Maroon PR's Corporate Division. You can contact him at mitchell@maroonpr.com.
In a struggling economy, many companies fall into the trap of cutting certain internal budgets to manage costs and survive the tough times. Often, the marketing budget is one of the first to be slashed.
Effective marketing is vital for a company to remain competitive during the tough times so that they are poised to be successful when the economy improves. Companies may have to make tough decisions in managing expenses, but slashing its marketing budget should not be the easy fix. In fact, nothing could be further from the truth.
A slow economy is one of the best times to raise your corporate profile as a leading company in your respective industry and capture valuable market share. Rather than turning to traditional advertising to raise brand awareness, many companies find a greater return in investment in public relations. PR and marketing support can grow customer awareness, create an exciting buzz around a company and help gain strong third-party endorsements in the media. During a down economic time, corporate and customer success stories shared through an effective public relations and media campaign often resonate much more powerfully with consumers than a stand-alone advertising campaign.
It’s time to dispel the myth that a company has to cut its marketing budget because it is not yielding the expected returns, when in fact, the truth may lie in spending its marketing dollars more creatively.
Mitchell Schmale is the Vice President of Maroon PR's Corporate Division. You can contact him at mitchell@maroonpr.com.
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