According to the February 2009 issue of Fortune Small Business, this current recession is no time to panic. FSB and Zobgy International conducted a survey of 500 small business owners in early December and here is what they found:
- 48% of small business owners have yet to take action in response to the economic crisis.
- 27% scaled back expansion plans.
- 23% cut back on marketing.
- 19% froze salaries.
- 14 % laid of staffers.
The statistic that you need to pay attention to is the 23%. Unfortunately, we don’t know any details about the types of marketing that was cut back, but we do know that if other small business owners are cutting back on their marketing then they are leaving a huge chunk of business on the table for all you other small business owners.
Now is the time to buckle your chin straps and get down to the nitty gritty with your marketing. You don’t need to cut costs – you need to be more aware of where you are spending your marketing dollars. Make those dollars work harder for you and in turn get higher ROI on the same marketing dollars you were working with before we hit the recession.