ASK THE EXPERT: IS IT TIME TO CUT BACK ON MARKETING BUDGETS?
Q: My business has been so good for so long I’m wondering if I can cut back on my marketing budget?
Which promos and events do you see in your client stores that really work, and which do you think I could possibly cut? Thanks.
A: At this point, I would not cut back on any of your marketing efforts. If anything, I would look for additional marketing opportunities.
Business has been strong for several seasons. History tells us that business runs in cycles that usually last 24 to 36 months. You should take advantage of any marketing events to extend the current cycle.
It’s easy to think that the market today will be the market tomorrow, but every cycle eventually comes to an end and the last thing you want to do in retail is stop striving. Retail, as we know, is immensely competitive.
So, keep those marketing plans in place and look for more opportunities.
As my father used to say, “The more you get, the more you got,” so go for it now!
Photo, top, by Alena Darmel.
