Unavoidable for most businesses, there will often come a time when the industry you operate in experiences a downturn, cash flow runs short in a company, and senior members must come together to discuss where cuts are to be made to reduce outgoing costs. Marketing budgets can often be the first to go, with trade show attendances and ‘costly’ display stand purchases coming under fire. During these times the value of these activities are often lost and overlooked, but failing to invest in your marketing will only see your sales plummet further.
If your business is feeling the pinch and you are considering which cuts to make, here is why we urge you not to lost faith in your trade show attendances, and other marketing efforts:
Customers are key
Many senior leaders often focus on trying to nurture the existing customers they have rather than making the effort to find more when experiencing money troubles. If your industry and businesses is struggling however, taking this approach will keep your cash-flow stagnant, with neither you nor the customers you are aiming at having the money required to move things forward. In order to gain energy and momentum, now more than ever this is the time to be focussing on finding new customers. This will be impossible without a strong marketing message and tactical trade show attendances.
Opportunity for change
Like mentioned previously, remaining stagnant will not help your business grow through troublesome times. Rather than relying on your existing brand message remaining visible long after activity has stopped, use this time to change strategy and alter the values that you are promoting. With little to lose, this is a great time to embrace change using your marketing, which could in turn attract new customers and inspire existing ones in new ways.
It doesn’t need to be expensive
Many marketing purchases such as outsourcing graphic designers, securing a booth at an exhibition, buying display stands, posters and other promotional materials can build the impression that marketing departments must spend lots of money in order to be effective, with trade show attendances predominantly coming under fire for this. This is not the case, and businesses should change their outlook from spending hard, to spending smart instead. A big booth at an exhibition is not always the best, and focus should be made on finding a well located spot, rather than the one with the most floor space. Once there, use only a few display stands to decorate the space, but spend time on designing your graphics so they successfully portray you clear message and business advantages.
It is important to remember that many printing and marketing companies are actively willing to help you when finances are short, and will offer great bundle deals and offers to ensure you are getting the best value for money you can get!