Cutting Back

Cutting Back

Cutting Back

I find it scary when I hear companies talking about ‘cutting back’ and being careful with their spend. We all have an opinion (there’s a joke there somewhere) regarding the current economic climate, but it can’t be a coincidence that every single business expert says the same thing about ‘marketing spend in tough times’, and that is:

DON’T CUT IT BACK.

I can understand how, on a personal level, individuals may choose to be cautious, but, there are positive ways to apply your caution. Don’t just cut back, don’t simply stop spending. If you do, you’re simply adding to the ripples in the pond, and the effect will be felt, in it’s own little way, in the local economy. I heard an example the other day that perfectly demonstrates how you can be cautious, without being destructive.

An associate friend of mine was telling me how he and his wife were in the habit of having a weekend away once a year, in early December, to celebrate their wedding anniversary. They always go abroad. Prague. Bruge. Amsterdam. Paris. You get the picture? A romantic weekend away, without the kids!!

They had decided NOT to go away. They had discussed it, and didn’t feel they could ‘risk’ spending unnecessarily. I was aghast. I bit my lip. I wanted to say Nooooo , but held back and I’m glad I did. He continued and explained that instead of going abroad, they were going to travel up to London for the day, take in a show, have a meal, and travel back. Over the weekend, they were then going to treat themselves to a slap-up meal out, local to where they live. This was their compromise.

I LOVED it. It was the perfect compromise. They had saved money, but were still spending and best of all, were putting money back into the local community. Why don’t businesses look at their marketing spend in the same way?

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