Talking to a lot of companies about promotional products has produced an interesting scenario regarding their marketing strategies
In tough times it is always wise to look at what is really needed and what we can do without for a while. Outgoings remain the same whilst incomings can take a hit. We all need to look at our spending and either cancel out some luxuries or at the very least work a little smarter with our budgets. “Trim the fat” so to speak.
Unfortunately a typical ‘knee jerk’ reaction for some is cut off the marketing budget which includes your corporate gift budget.
To help answer this question let’s look at the term “marketing”.
Marketing simply means “to retain existing or prospect new customers “with regards to your products or services
The problem is if we cut out this fundamental part of your company, what will happen? The answer is fairly clear.
So what do we do about it?
Well, there are a myriad of ideas to keep your marketing going and still reduce spending. We just have to be a little more creative.
Promotional Gift Items sent to your existing or new prospects are a tried and tested tool. A simple thank you with a small corporate gift or sending a promotional Gift Item before you call on someone can work wonders.
In these difficult times it is prudent to cut back on a few things.
Some ideas may include:
Perhaps that fancy coffee maker can be put on hold for now.
The company get together can be at a park not in that expensive restaurant, (this evokes healthy living. A nice plus! You can’t have a game of cricket at a restaurant!),
People can switch off lights, computers and the like when not in use.
Get a VoIP service if you company does a lot of phone calling. (They are much better now!)
These are just a couple of things to consider and quite frankly should be part of the policies at your workplace any way as even when things are great we can still benefit from these types of savings.
But why would we want to take away the very thing that directly assists with generating revenue? If we don’t retain or prospect new customers then we are headed down the spiraling path to doom. Much the same as the above examples can reduce day to day running’s of a business, we can also “trim the fat” of our marketing strategy. This can simply mean working a little smarter and creative with our promotional products, but cutting it out altogether doesn’t make much sense. It really doesn’t have to cost the Earth to provide people with corporate gifts or sending out something in advance of that cold call.
The point of all this is to make you think about how you can retain the fundamental aspects of your business so that your company can survive in these tougher economic times. The good thing is that if your competitor is holding back on their marketing then they have just handed you an opening to shine above the doom and gloom.
Something to think about!