Generate Revenue When People Aren’t Spending? Yes, You Can!
With the economy in the tank, it’s easy to set aside your marketing budget as “non-essential” spending. According to a recent article in Canadian Business magazine, however, you might regret making such a decision. The magazine reported that companies that maintained their marketing spending during the 1981-82 recession actually increased their sales by 32% (and experienced an increase of 275% within two years of the recession’s end). But companies who cut spending during the same period saw sales drop by 12%, and only saw their two-year rate of recovery increase by 19%.
The idea isn’t necessarily to throw a lot of money on a large campaign, but rather to “spend smart” on things that will help you generate more revenue and stay in front of your customer base — either by making a process easier, or by opening the door to another stream of revenue. Here are some examples of revenue-generating projects we’ve recently put in action for our clients:
- Lafrentz Road Marking is reducing internal costs and adding new revenue by allowing material orders to be submitted online without staff involvement. (Cheers to making money while you sleep!)
- Capital Estate Planning is keeping themselves in their customers’ front-of-mind by sending out well-designed, personalized email campaigns.
- Sinclair Supply is making the order process easier for their authorized dealers by offering their catalogue of 5,000 SKUs online and taking product orders through their website (new site to launch soon).
When times are tight, your customers are going to be more picky about who they do business with. What better time than now to differentiate your company and put yourself above the competition?
Read the full Canadian Business article here.
Posted by Andrea on February 27, 2009 in clients, strategy