Inventive: It may be a recession but it’s time to start thinking outside the box. *Image supplied
Inventive: It may be a recession but it’s time to start thinking outside the box. *Image supplied

FRIDAY, SEPT. 21: There is no doubt that Bermuda is still feeling the effects of the economic downturn.

As a result, many local businesses have felt the need to cut back on their operational expenses, which include marketing.

At Strata-G we believe it is a smart idea to reassess marketing budgets during this time, but not necessarily to cut or decrease such spending.

Decreasing your marketing budget is shortsighted because it could easily reduce the amount of business harvested. In this climate one should spend more wisely.

Reassess

Reassessing is the important first step to help you spend more wisely. Strata-G encourages its clientele to scrutinize every dollar they spend on any, and every, marketing initiative.

By reevaluating all media buys and marketing spends, while investigating new vehicles to promote your business, you will end up making changes that will directly result in a more efficient business model. 

It is very easy to stick with last year’s marketing plan with a few tweaks here and there, but it is better and smarter to start from scratch. 

You must be constantly evaluating and weighing each initiative in order to discover if some dollars can be better spent elsewhere. 

At Strata-G, we never stop analyzing, assessing and reassessing, while at the same time exploring new opportunities for our clients.

Your marketing plans should never be stagnant, but rather forever changing and evolving with the times. Think outside the box and you might be surprised at what you will find.

Be brave

After reexamining marketing budgets, Strata-G challenges its clientele to be brave and see these hard times as presenting great opportunity.

Warren Buffett is famous for saying: “Be greedy when others are fearful”.  Yes, he is referring to the financial world, but this can similarly be applied to the world of advertising.

Many of your competitors are cutting back their advertising, so this creates the possibility for your company to become more visible now than ever before. Not to mention there are some great discounts out there on advertising space. 

In actuality, this is not the time to be hunkering down, rather it’s time to get out there and be visible. You must stay top-of-mind with your clients and be in the public eye to reinforce your brand awareness.

At Strata-G we are well aware that not every business is going to be that bold and be able to spend more during this day and age.

This brings us back to the need to reassess and in turn commit to being ‘creative’ with your marketing budgets. If you have a small budget, don’t worry, you can still advertise your business.

There are innovative ways to market your business, such as social media campaigns, out-of-home advertising, guerrilla marketing and direct marketing campaigns.

These actions do not cost as much money as the more traditional advertising mediums do and can easily be accomplished if your budget is limited.

One of the services we offer at Strata-G is ‘idea generation’, whereby we generate non-traditional advertising concepts for our clientele to consider, such as advertising on East Broadway, games/contests and special promotions.

E-mail us at strata-g@logic.bm for a free consultation and let us help you help your business
succeed.