Are you leaving money on the table when you cut your costs?

In this economy, every dollar counts. We need to tighten out belts and make plans for the future based on it. But if you’re cutting back you marketing efforts, you’ll find you will be leaving money on the table at the end of the day.Statistics show that ‘downsizing’ your marketing during tough times inevitably weakens your brand and your market position - and that’s exactly the WRONG position to take when in a down market.

While on the surface, cutting marketing costs may look good on the balance sheet, you should look at marketing as an investment in your business - not a cost. In many cases, long-term damage can result, leading to problem down the road.

And if you do cut back and hunker down to wait until things get better, you may be missing out on one of the best public relations (PR) opportunities in years! In difficult times, editors and journalists are searching for ‘good news’ - so even the smallest positive story can receive much acclaim - and bring more clients and customers to your door.

PR is also one of the most cost efficient tools available, which can be a blessing when finances are tight. Advertising, although it can be highly effective and should be a part of every business’s arsenal, can get very expensive, very quickly. The same is true for most traditional marketing campaigns.

PR, on the other hand, can achieve great things, even if the allocated budget is quite small. Online public relations can be extremely good value and is something that a business owner can do a lot of themselves, without having to refer to a PR professional.

I am sharing a ton of low-cost tips on do it yourself publicity at my other blog: The Power Publicist. Check it out today.