All too often, at the onset of turbulent times and difficult economic conditions we see business owners attempting to reign in costs to protect their business, control spending and cut costs. And of course this is an essential exercise for any business owner navigating through choppy economic water.
However! The fundamental and golden rule for a business owner dealing with challenging economic times is NOT to stop marketing the business! With over 40 years combined business experience (including weathering the 2007 recession) we’ve learnt a thing or two about business and probably the biggest lesson we learnt, and all agree on is that cutting out your marketing in a bid to reduce business spending, in most cases destroys the business completely if not leaving things in terminal decline!
When Cashflow is tight, we are forced into cutting costs and in the quest for making savings it seems to make absolute sense to call a halt to ‘non essentials‘.
The mistake is in considering your marketing activity/spend as a ‘non essential‘ business expense. Truth is, your marketing activity is more important than ever, during economic turmoil.
You should consider your marketing spend as an investment and NOT a cost! Its the investment you make to retain your existing customers and gain new ones, which in turn secures the future of your business.
Marketing within hospitality, especially pubs & bars is no different and needs to continue during those periods when the economic truss is tightening. Whether owner, tennant or venue manager, the challenge is the same. And that is to entertain, engage and generally (especially at challenging times) offer your customers respite from the reality of the outside world. Even if that’s just for the time it takes them to drink a pint!
Another compelling reason not to stop your marketing activity during challenging economic times. Consider that most of your competitors WILL make the mistake of cutting spending on marketing and stop promoting their venues.
Don’t be swayed by that ill thought-out strategy. Stand out against your competitors and shout about what you can offer your customers! Afterall, the pub going public need more than ever the little bit of solace and escape from reality that you can offer them!
