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In Part I, we suggested a few cuts to make in your current marketing budget to help keep your bottom line healthy during these tough times. Now let's take a look at a few line items you should probably keep intact—or even fund a bit more. According to Pat LaPointe and Dave Reibstein in a recent MarketingProfs article, it's time to spend in areas such as:
Customer retention. Now is the time to invest more in retaining your most valuable customers, because the alternative—customer acquisition—is far more expensive.
Customer research. The economy is affecting your customers, too. If you don't know how their wants and needs are evolving, you need to spend a little on research to find out—before you end up backing, or cutting back, the wrong initiatives.
Updating technology. Are your competitors' business models built on newer technology platforms? If so, you may need to spend to gain the maneuverability you need to compete.
Messaging. Does your company's messaging still resonate? If not, spend to boost its relevance. Shifting to new media may lower costs, but your message still has to be on target and in tune with the times, or you won't improve engagement.
The Po!nt: Pay it forward. "A little forethought in these areas may help you break the downward cycle of budget cuts by actually demonstrating the value of having your finger on the pulse of the customer, the market, and the business overall," Lapointe and Reibstein conclude.
Source: MarketingProfs. Click to read the article.
by Christina "CK" Kerley
