Have you seen the news about the government wanting us to cut our marketing and our prices? The idea is that businesses cut “their prices for consumers using money they would otherwise use on marketing.”
Words failed me when I read about this.
Marketing makes you money. If you don’t bother with marketing then people don’t know you have anything they want. They won’t buy at full price or cut price because they won’t know you exist. Be visible. Make money.
Marketing can be free. If you don’t have a marketing spend – or spend very little – then there’s nothing to cut down on.
Marketing gives you information. Cut marketing and you lose those valuable insights which means you know less about your buyers.
Marketing isn’t always about price. People buy for other reasons too. Cutting costs isn’t always going to be the incentive for purchase.
Marketing helps you reach your goals. Cut profits. Stop marketing. And watch our businesses and dreams disappear (or slow right down).. along with our own buying power.
Marketing isn’t always about money. Marketing can also look like learning, support, not being alone, friendship, conversation, fun, break-time, connection. We need this.
Marketing matters more than ever. The cost of materials, tools, fuel, rents, rates and wages increasing mean prices may need to go up not down. Communicating the value of your business is even more important.
Cutting the marketing which helps people know your business exists and also cutting pricing when they’re less likely to find you because you’re barely showing up just doesn’t make sense.
Cutting marketing which doesn’t work.
Revising your marketing.
Testing new things.
These are worth doing – but cutting back.. I’m not sold on at all.
There are other things we can do as independent businesses to support others through the cost-of-living crisis without sacrificing our marketing effort and our income.
You could offer payment plans or different ways to work with you. Or perhaps there’s something you can help with in a small but impactful way? Perhaps you could create something that will really help people right now that compliments your business? Show empathy and understanding – support others, share useful content, show your audience that you get where they are. You are also spending more on petrol and food, being a business owner doesn’t mean you’re exempt from the crisis! This isn’t about driving sales, but about showing that you genuinely care. This is an opportunity to look at your brand, consider your values, get to know your audience, consider your brand position and your offer – and show that you want to help (provided that you do.)
I’d love to know what you think? Will you be cutting your marketing and your pricing in exchange for a campaign logo?
I won’t. I know my pricing is fair – and my marketing costs are minimal.
Keep marketing. Money doesn’t grow on price cuts.
Amy Purdie, The Brand Explorer takes you on an Adventure to discover what your brand is all about, helping you with your brand strategy, brand visuals and content ideas. You can join Amy’s Brand Success Club or join her in your very own Private Brand Adventure.
Amy has been enjoying designing logos, brand identities, illustration, print work and websites – since 2007 fuelled mainly by tea and chocolate.