When sales are down, it’s a frightening and extremely stressful time for a CEO. The business doesn’t have as much money coming in, but all the bills and payroll still have to be paid on time. It’s a lot of pressure for a business owner, and tough decisions sometimes need to be made very quickly.
In an effort to reduce operating expenses, we’ve seen companies cut budgets across the board — including marketing and sales budgets. Cutting your PR and marketing budget can seem like an easy way to cut costs as they are often viewed as secondary functions to what the business primarily offers (unless it’s a marketing or PR agency).
It’s true, your social media presence will not completely disappear overnight if you pull back, and all those editorial stories you garnered in the past will still be online. However, if you do scale those dollars back, it should be a very temporary decision.
Competition for attention in any market is fierce. It might seem like the easiest thing to cut, but the most successful businesses out there have to work really hard and spend money to keep their name in front of customers.
If your sales are down, it may be a good time to closely evaluate your current marketing and see where improvements can be made. Perhaps there’s a smarter way to spend those dollars to get in front of more people.
One of the best low-cost ways to attract new business is to leverage public relations.
Bill Gates once said, “If I was down to my last dollar, I’d spend it on public relations.”
If you’d like to talk about a program that fits your budget, please call Ripley PR today at 865-977-1973.