Despite a slightly more positive feel, businesses are still struggling to stay afloat in the UK’s challenging economy. If only these businesses knew that their chances of recovery and stability could be increased by a focus on marketing as opposed to cut backs.
Strategies for growth have been set aside by many of the big players past and present, in favour of survival strategies that employ the more obvious cut backs such as heavy discounts and reduced over-heads. Although to employ a strategic marketing plan for growth seems hard to justify in today’s economic environment, committing to a marketing plan and a ‘real’ budget can work wonders for your business and your brand’s longevity.The depression of the thirties offered opportunities beyond survival and for Kellogg’s, whose profits increased by almost 30% through an increased advertising budget and the launch of a new product – Rice Krispies! Kellogg’s competitor, Post, joint market leaders at the time, employed the cut back strategy and as a result never regained and faded away.
“The Chartered Institute of Marketing (CIM) claims companies are increasingly realising it is the creative marketer, ripe with innovation, imagination and the right budget, who grasps the downturn as an opportunity”
Kate Hilpern, The Independent, 24.06.10
In her article in The Independent, Kate Hilpern discusses why the CIM claim that committing to a marketing plan pays off in a downturn. According to the CIM, there are 6 key reasons.Click here to read about these reasons in detail and view the full article.
This makes so much sense! Please let companies take note. The Kellog's reference hits home.
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