I read last week that Warren Buffet’s company Berkshire Hathaway is hoarding $122 Billion in cash. Apple and Google have also sold off assets and investment to cash up to the tune of $100 Billion.
There are smart people who see a crash on its way. The trade wars with China and America will not end well. With a ten year bond in Australia worth less than a 2 year bond, all the indicators are that tough times are ahead.
I have seen in the past, when recessions hit, that the accountants look at the books and determine that marketing is a luxury they can’t afford. Of course this immediately means less business and bigger problems.
Of all things to cut marketing should be the last. Once that happens, the businesses should shut their doors.
The ideal strategy is to see the oncoming storm and get ready. Start securing more clients. Lock in your existing business. Review your expenses and cut back on what is not adding value to the business.
Of course you should always make sure that your marketing dollar is working for you. In my new book, Watch Me Now – leveraging videos to maximise your return on investment, I specifically focus on how to make sure your videos are being leveraged effectively and are maximising your return on investment. Videos are great when they work, but worthless when no one sees them.
Getting a return on investment should apply to all of the marketing spend. Is it delivering for you? Is it effective? Are you able to measure its effectiveness?
Now that digital platforms provide analytics it is much easier to check where the successful engagement is happening and what’s not working.
Now is the time to get ahead of your competitors and secure business, which will be harder to acquire in the future. Position yourself as the leader in your space and prepare for the tough times ahead.
If you would like to know how Sonic Sight can help you use video as a effective tool to capture more business give me a call 0419 244 447 or shoot me an email firstname.lastname@example.org