Thanks to a recent post by Justan Brandt, I found out that carmaker Audi increased its’ US market share by over 17%. If you were awake at all during 2009 you know that the business climate tanked. Large companies laid off people by the hundreds and small businesses simply closed up and ceased to exist. So how did Audi do this? Among other things, Audi increased it’s marketing budget by 20%! In other words, Audi looked at the economy, looked at other auto-makers having a rough time, and instead of following suit, decided to look at the situation as an opportunity.
This is not usually the norm when companies are faced with an ever-shrinking bottom line. Unfortunately, the typical decision to slash marketing budgets during tough periods can sometimes make a bad situation worse. Not only are you doing less business to begin with, but a lack of effective marketing makes your company almost invisible to existing clients and totally invisible to new prospects.
The purpose of marketing is more than simply inviting people to buy your product.
Here’s another way to look at it. Otherwise known as The Top Five Ways to Kill a Business (taken from The Top Ten Ways to Kill a Business):
1. Don’t Advertise – Assume everyone knows what you have to offer/sell.
2. Don’t Advertise – Tell yourself you just don’t have the time to spend thinking about promoting your business.
3. Don’t Advertise – Forget that you have competition trying to distract your customers away from you.
4. Don’t Advertise – Overlook the fact that advertising is an investment in selling – not an expense.
5. Don’t Advertise – Forget that you have to keep reminding your established customers that you appreciate their business.
It’s the start of a new year. Will you be like your competitors who choose not to market themselves? Or will you be like Audi?