It’s The Economy Stupid!...Again.

Once again, this year’s Presidential election will be centered around the economic state of Americans. The candidate that misses its importance won’t get elected. Yes, the war is a critical issue, and I’m not in any way denouncing the importance and honor of soldiers, but the war is not an impactful issue to consumers’ minds when compared to the pain we feel when hearing the click- click- click of the fuel pump reminding us of the sky-high price of gas. Frankly, the price wouldn’t be nearly as painful if we didn’t have that click- click- click reminder in our faces as our money steals out of our wallets; that audible measurement is very real.

This economic reality is significant to every business, because we are seeing the classic mistakes that are made by businesses every time the economy goes bad. First, people stop marketing. Yes, advertising and marketing of all types are being cut back in droves because people mistakenly think that they can save money for a few months on their marketing “line item,” and this is much easier to do than laying someone off. The unfortunate reality is that you don’t get a painful click-click- click reminder immediately when you stop marketing, but you will get it a few months down the road when the business that your marketing was bringing in STOPS. Now you really have a problem.

For those “fortunate” to have had bad marketing in the first place, they do get to save money, but that is a different issue entirely. If you have bad marketing, you have a different set of problems. However, if your marketing was working and every time you conducted a campaign you made a return on your investment that generated a profit, then cutting the marketing program is dumb.

Marketing campaigns are about one thing…creating a campaign that generates a direct response that you can test the result of and that, when tested, shows that you made money. When you have that type of marketing campaign, you should never stop it until it stops making you money. In fact, the more you can spend on that campaign, the more money you make; so, stopping a successful campaign in a bad economy is exactly the opposite of what you should do. This is why many companies fail when economies dip. It isn’t the only reason, but it is a common one.

If you don’t have a marketing campaign that you have tested and that always brings in reliable money, then let’s talk about it and get one going. It really is the single most important thing you can do for your business, both now and in the future. If you would like our help with this, please call us at 800-980-1626 to make an appointment today. We look forward to hearing from you.



It’s The Economy Stupid!...Again. - To learn more about this author, visit JW Dicks's Website.

Like this article? Share it with your friends

E-Mail | Print | More

Related Articles
Q: Is this a bad time to start up a new restaurant with a slow economy?
	I field a lot of questions from new and soon-to-be new restaurant owners. Here's one of those questions regarding concerns about opening a business during a slow economic period.
10 Lessons Learned During A Weak Economy
	Quiet times allow us the time to grow and to be creative. A lull in the economy provides the opportunity to regroup and rethink plans. Farmers allow a field to lay fallow for a year before planting again. The soil p...
Staggering Data on Growth in Chinese Markets
	The growth in Chinese stock markets -- and the Chinese economy in general -- continues to be fairly staggering:
TO ‘MAKE MONEY’ YOU MUST SEE TWO ECONOMIES … NOT JUST ONE!
	We must learn how to earn money before we can invest and manage it …
Salespeople Aren't Made of Glass
	This article shows what you'll see inside your salespeople if you could see their DNA.

---

Related Forum Posts
	Re: How do we market to 2 Billion people in China?
	Women disappearing from worplace
	Re: Women disappearing from worplace