What is the very last cost any business should cut, recession or no recession?
During these strange and uncertain times a lot of businesses will be thinking about cutting costs in this area, or have already done so!
I’ve been consuming a huge amount of business books, podcasts, and been part of a few business masterminds in London for the last 5 years before setting up my own photography business in December 2019.
As well as photography (obviously), business and marketing have been of major interest to me for a long time, and I love learning about it all and sharing what I learn.
I started my commercial photography business in possibly the worst time in recent history with COVID-19, but as horrible this whole situation is, it has actually been the best learning curve that I could ever have! - Nothing like being thrown in the deep end and having to learn to how to swim to survive!
If I can survive as a commercial photographer and keep my business alive through this global coronavirus pandemic and recession, then in theory, it should be booming when the economy comes back to some sort of normality!
So, what is the one thing I think that all companies, big or small, should never cut costs on?
Well, it seems obvious, it’s the very thing that actually gets customers and clients coming to your business, which is marketing and advertising!
No matter matter what economic time we find ourselves in, but especially now, the area that companies seem to cut cost on in an economical downturn, has historically been their marketing team and their marketing and advertising efforts.
Maybe the thinking behind it is,
“Well we’re not getting, or going to get any customers for a while, so why waste money on marketing to people who can’t buy from us anyway?”
Sounds valid right, and makes some sense?
However, this really should be the very last thing companies should be cutting, ever, and especially in an economic downturn!
The way businesses get customers is though marketing, advertising and networking, it’s what gets peoples attention.
When starting a business, marketing and advertising are your best friends along with networking. They’re the things that get a company off the ground and spread the word to get your first client or customer to buy from you.
You make your first product, or you have a service to offer someone (such as photography), and then you make militant efforts to publicise and get your name or product out there to the masses!
So when an economic downturn hits in any form, a recession, or a global pandemic (like our current situation with COVID-19), our marketing efforts need to be stronger than ever!
We have to stay in peoples eyes and minds. We need to take up as much real estate on the internet and on social media as possible so we’re the first thing people think about, and so that people don’t forget us during that time.
That said, the quality of our marketing and advertising efforts need to be even greater than usual to steal the attention from our competitors, and to stop the social media scroll!