Nifnex Panel Discussion  18th June

I was invited to be part of the panel at a recent Nifnex event talking about cost efficiencies. Being a marketer, it was of course about how to spend your money, rather than not spending it.

Cost Efficiencies – Where to cut down expenses and where not to.

It is about working smart. When business hits a downturn, you need to continue marketing. It is the lifeblood of future business.

Marketing is not just advertising and promotion, it is about understanding your business, understanding the market, how it is changing, what your clients need and how your product and service mix fits the marketplace. You need to anticipate where the market is going and position your business to service the need.

You must understand the figures, which segments are profitable and have potential, which ones are worth pursuing and those to drop.

It is then easy to apportion promotional resources (time, money, people) to those areas and not waste money on sectors that won't perform in the market conditions.

If you don't promote your business when times are tough you will go into a downward spiral. Your clients don't hear from you, so they think that you must be in trouble, so they go with a company that is communicating and meeting their needs. When money is tight, it takes guts to carry on marketing, but if you don't…….

Whatever you do, you need to be able to measure it. If you can't, how do you know it is successful or otherwise? Make sure you have a set of metrics available that suit your business, are easy understand and update, it is then easier to spot trends and react to them.