During tough economic times, the first reaction of many companies is to cut spending, which often means cutting marketing. That’s because marketing often is considered an unnecessary expense, especially when “nobody’s leasing space anyway.”
But history has proven that companies reducing marketing during a recession lose market share to competitors and experience slower sales growth in the recovery years. Studies also have shown that maintaining or increasing marketing during tough economic times yields greater results than marketing during good times.
During difficult times, keeping your name and the properties you have available top of mind is more important than ever. The good news is that there are several cost-effective ways to continue marketing our businesses during times when many of us are focused on our bottom line. It just takes a little creativity and willingness to try some different approaches.
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