Should I spend some marketing dollars?
Mar 24, 2020
The Small Business Association suggests companies budget 7% to 8% of revenues for promotion, but the average small business spends 1% or less. We find that most small companies don’t even have a written budget and have no plan on how they will market or grow their company.
In this time of fear, during the coronavirus lock-down, many businesses aren’t making any money and are not even considering spending their precious dollars on marketing.
Yet this is exactly when you should be planning your comeback and your marketing campaign should start prior to the start of your business comeback.
By advertising and promoting your business your customers and prospects will see your strength, you will stand above your competitors who will be perceived as weak and afraid compared to those companies that show vision and strength in the economy.
When should you activate your marketing comeback plan?
It took China 2 months to “get back to normal” from when it started its full lock-down. The Gates foundation thinks we are 6 to 10 weeks away from “normalcy”.
You should be working on your plan NOW and activate the plan 2-3 weeks PRIOR to the start of NORMAL business. This time line depends on WHEN you started total lock-down in your area, and each market and business will be a bit different, but I hope you get the idea, and take it to heart.