When times are daunting, don't cut marketing.

Although relating to the books, marketing can be an expense, it’s really not whenever you stop and think about it. What do you need to do to generate sales? You have to let people know what you do and what you can offer them. It’s called promoting.

So when times are daunting, why would you stop using your main resource outside of referrals to get more money in the company? With that in mind, forget what you’re accountant labels marketing as, you have to treat it as an investment.

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Let me go further on the subject to clear it up. In accounting, sure, marketing IS an expense. But some tips about what happens when marketing is viewed purely as an expense:

If you think of marketing solely as an price, when business gets slow, you cut marketing. Now you are letting less people know about your services and products.

Results: You get even less business.

If you think of marketing only as an expense, the odds are, your marketing is nowhere close to effective as it could be.

Here’s how you think of marketing as an investment. When you buy a stock, that's an expense AND an investment. When you buy a rental property, that's an
expense AND an investment .

When marketing is looked at as an investment, it is seen in a much different light. You start to require that it make money. You will begin to look for a return on investment.

For example:
You view marketing being an investment. Every time you spend marketing dollars, you track how much business it brings. You can now see what's working and what’s not.

Try new things and get rid of methods that were working and now are not.

Results: You get more sales and waste less cash.

You don't need to put in a lot of time to find out what works. Notice how other businesses track their response.

Every time you watch a commercial that says "Mention this ad for a free gift," they are tracking how well that ad works. Every coupon you see is a way for a company to track an ad. Every time someone asks, "How did you hear about us?" they are tracking what works.

When your marketing is an investment rather than another expense, you'll hold it accountable. It's a small but important change in viewpoint that can add to your bottom line.

Try it. It’s a little more work but I am sure it will be worthwhile and save your marketing budget.

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