Another government “suggestion” to help businesses tackle the cost of living crisis and help their customers.
Slash your marketing budget so you can lower your prices!
The new cost of living Tsar, Just Eat co-founder David Buttress has urged brands to “refocus” their marketing spend to reduce prices for consumers. And he is using taxpayers money to promote this campaign!
This is wrong on so many levels and comes from the misguided belief that marketing is a cost to your business.
As Henry Ford once said:
“A man who stops advertising to save money is like a man who stops a clock to save time”
An analogy best to describe marketing is that it is an engine. If we harness it and harness it well it becomes more efficient. You can’t stop-start your marketing as this is when the money just drains away.
What’s more, if you stop spending on marketing, this will not only hit your bottom line now, but for months if not years to come. The pandemic taught us many things, one of them being if you don’t keep your brand in the consumers’ minds, they’ll go elsewhere.
So now is not the time to cut your marketing activities, as this will affect your turnover, your staffing levels and your future.
But if you’re going to spend money on promoting your brand, then it’s important to know how to market your brand compliantly and successfully. Because when times are tough, the rules don’t change.
In fact, it becomes even more important that your marketing works for you so that you’re talking to your ideal customer and making the right impression.
Right message, right audience, right medium, right time.