Money Is Tight, Start Cutting Your Marketing Budget (Part 1)

Many companies big and small who are experiencing a “tight budget” don’t always cut in the most logical places. I have seen this time and time again in my career, especially when working with clients. As a young marketer, I did not question a client’s decision to do this. Years later and with a whole new marketing paradigm upon us, as a seasoned veteran, I find myself always questioning these decisions. It’s interesting how my perspective has changed over the years.

Why Do Companies Think Cutting Marketing Is The Right Choice?

Before I get into my own rant about why I think companies do this, I want to provide another professional’s perspective. I had the privilege of talking with Sarah Asaftei, a brand strategist and director at skaMEDIA Productions & Films, Inc. I feel her angle on this topic can be enlightening to all of us.

Q: Sarah, tell us about your experience when brands cut their marketing dollars and then wonder why their pipeline is empty or not filled with qualified leads?

A: Well it’s simple: if you aren’t putting your story out there, then nobody knows you exist. Cutting marketing dollars is nearly always guaranteed to result in lost market share. I hear a lot of business owners say “If we have a quality product or service, that will speak for itself.” And they’re partly right — good marketing + bad service or shoddy product will definitely backfire. But marketing and quality are never mutually exclusive. It’s not an either/or situation. In order to find the best success, you absolutely need both/and. But just any marketing isn’t going to fill your pipeline, either. To attract the right customers, you must have a clear concept of who you are, what you offer, and the values that underpin your business identity. Otherwise, even with a huge ad budget, you’ll fail to reach your ideal clients. - Sarah Asaftei

From my perspective, I think the reason that companies make this decision is because they do not think their marketing is valuable enough or that it contributes to sales growth so they do not want to keep investing in it. Some do not understand that this action can result in a prospect pipeline that is similar to a faucet that drips ever so slowly.

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Scott MacFarland

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Source: https://sarahkasaftei.net