Experts are saying that our economy has officially been in recession since December 2007, but they’re slow to offer practical advice on how to stay afloat.
You already know that your business needs to cut costs. It’s a no-brainer. Every business in America is taking a serious look at budgets and doing some belt-tightening. But here’s something you must take into consideration: Not all costs are created equal. We at Morris Creative Group want you to think hard before cutting your marketing budget.
We’ve all seen and probably used pie graphs to illustrate percentages of market share. In a shrinking economy, the pies start to shrink. Can your business survive with the same-percentage slice of a smaller pie? Or are you going to need to grow your market share to survive and thrive?
You probably need a bigger slice, so you’re wondering how a business grows during a recession. Here’s what research tells us: “Marketers who maintained or increased advertising expenditures bounced back stronger than those who hunkered down and lowered their voices. Their market share grew three times higher than brands who cut spending, and their profits were five times stronger in the first year of recovery.”*
MCG can help you build your brand and grow market share as our nation’s economy moves back toward stability. “Business as usual” won’t work in these times. Opportunities abound in this environment… if you know where to look and how to take advantage of them. Give us a call and let’s get to work.
*The Profit Impact of Market Strategies (PIMS) is a comprehensive, long-term study of the performance of strategic business units (SBUs) in 3,000 companies in all major industries.