During the current climate of uncertainty about the current and future economy, it is very easy to ‘baton down the hatches’ and hold out for an improvement later. The risk of this strategy is missing out on current opportunities and worse, allowing a competitor to position themselves as the market leader.
From our own business experience, we know how easy it is to just focus on your current customers and stop, or reduce your marketing activities, but this is a mistake. While it is commonly understood that you receive 80% of your income from 20% of your customer base, just relying on this to see you through market downturns is a risky strategy. What would happen if just one of your core customers goes out of business or moves its purchasing decisions to another country? You are then left in a very precarious position, desperately trying to find another large customer.
So for our own business, regardless of how busy we think we currently are, the marketing activities are never put on hold and we continue to follow our Monthly Plan, which you can read about in our previous blog https://creatively-yours.co.uk/what-do-i-need-to-action-across-a-month-to-keep-my-marketing-going/ . In this way, should the worse happen, at least we are already talking to new potential customers, but at the same time building the awareness of our brand in the market as a whole.
It is definitely harder at the moment to release money on marketing, but the risks of not keeping in regular contact with your customers and potential customers could be more damaging in the long term. After all, brand loyalty is something that takes time to build up but is lost much more quickly.
Creatively Yours can show you how to leverage the latest technology to highlight those areas that could be losing you sales. For more information why not drop us a line to firstname.lastname@example.org or call us on 01536 23 98 98