Prudent Marketing advice

Steve Mills The Prudent Marketeer calls for businesses to be more prudent

For years businesses have been wasting money on marketing and in 2012 they don’t need to do so…

The fact is that in 2012 there are simply no excuses for not knowing your marketing numbers!  Numbers like the number of people who visit your website, or the number of meetings that you turn into leads.

So says leading Marketing expert Steve Mills.  Steve is known as ‘The Prudent Marketeer’.  He gave himself that name based on the fact that he is a Yorkshireman who does not like wasting his, or his clients money and because he has a deep down belief that with the technology that is here today there is no need to waste money on marketing other than for a small conservative test.

Steve explains “The world of marketing is changing.  At the moment most businesses are stuck in ‘old world’ and not ‘new world’ marketing.  Technology is changing the world and the way in which we market ourselves.  Cisco have recently stated that by 2016 over 90% of internet traffic will be video based.  The world of Social Media is changing the ways we communicate and with nearly a billion members on Facebook and LinkedIn growing at the rate of one new member per second, it is very difficult for businesses to keep up with the changes that are taking place.  And the truth is that most don’t”.

I love the famous statement by ‘Walt Disney’ “If you want to be successful, observe the masses and then do the opposite”.  That statement is still as true today as it was when he said it.

So what does the word “recession” mean?  “A period of time shorter than a depression, during which there is a decline in economic trade and prosperity”.  

Let me ask you a question?  Are some businesses thriving at the moment?  Of course there are!

The ones who are doing well are the ones who are not cutting back on their marketing, but they are cutting back on the marketing that does not work and they are investing their money and time more wisely.

Here are the facts:

  • 1974-1975 recession years: “Companies which did not cut marketing expenditures experienced higher sales and net income during those two years and the two years following than those companies which cut back during the recession years.” (ABP/Meldurm & Fewsmith 1979 study)

 

  • 1981-1982 recession years: “Business-to-business company’s that maintained or increased their marketing expenditures during the 1981-1982 recession averaged significantly higher sales growth both during the recession and for the following three years than those which eliminated or decreased marketing.” (McGraw-Hill Research’s Laboratory of Advertising Performance)

 

  • 1990-1991 recession years: “Businesses that increased their budgets and took on new people were twice as likely to pick up market share.” (Management Review research of AMA member firms).

So these are my top four tips for beating the recession.

  1. Put your prices up.  Yes that’s right I said raise your prices.  Would anyone stop buying from you because you where 1%, 2%, or 3% more expensive?
  2. Stop your marketing that is not working.  You need to invest your marketing, time, money and effort wisely
  3. You MUST measure your ROI from every sales and marketing action and then improve it.
  4. Increase your word of mouth marketing.  In other words implement a plan for winning more business from referral

The question to ask that will help you to grow your business is a very simple one.  How can we improve….?

For a free copy of Steve Mills’ e-book The 10 Biggest Mistakes Business Make In Lead Generation, call this number: 0118 930 5700, or go to www.stevemillsmarketing.com

 

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