In economic downturns, marketing budgets are one of the first to be re-evaluated. Nona Phinn tells us why that is a major mistake.
IN DIFFICULT TIMES MANY COMPANIES ARE TEMPTED TO SLASH MARKETING FROM THEIR BUDGETS. NONA PHINN, FOUNDER AND CEO OF THUS MARKETING, SAYS THAT’S A BIG MISTAKE.
“I believe that many companies look at marketing as sort of this luxury item, sort of this nice to have but we don't have to have. Marketing is that conduit…it's the
bridge to the audience. It's what connects the brand, connects the organization to the audience.”
DURING DIFFICULT ECONOMIC TIMES, PHINN SAYS, THE NEED OF THE AUDIENCE WILL CHANGE. SHE CONTINUES LISTENING TO HER CLIENTS, EVEN WHEN THEY HAVE CUT THEIR MARKETING BUDGET, AND ADVISES THEM TO KEEP LISTENING TO THEIR CUSTOMERS BECAUSE THEIR NEEDS ARE CHANGING, TOO…THAT MARKETING IS YOUR TOOL TO KEEP YOUR FINGER ON THE PULSE IN THE MIDST OF A CRISIS.
“Knowing how that customer is changing, without marketing, you don't have those insights. So, when things do come back to a place where your customer is ready to once again spend with you the way they used to, connect with you the way they used to, you know exactly how things have changed for them. If you decide that marketing can take a backseat, how would your customers remember you? You might not be able to spend as much as you used to. Your budget might have to change and shift a bit, but it should never go negative. It should never go zero when it comes to that marketing budget.”
FINN’S FIRM RANKS LISTENING AS ONE OF THE MOST IMPORTANT THINGS IN A MARKETING RELATIONSHIP, ESPECIALLY IN TIMES OF ECONOMIC STRESS.
“Really at the end of the day, the audience is like they never left, even when I couldn't, you know, fill their pockets. They were right there at my side the entire time. And now that I'm ready to re-engage. I don't have to go far to find them because they were here the entire time.”
THE BUSINESS REVIEW IS A PRODUCTION OF LIVINGSTON & MCKAY AND THE HANKAMER SCHOOL OF BUSINESS AT BAYLOR UNIVERSITY.