Don’t cut back on marketing activity - be SMART

The four P's of Marketing seem to have inflated now to the seven P's of Marketing. We suppose it's a way that Marketing folks seek to emphasise how important their discipline is, and even with our FD hats on we'd agree.

1. So, don’t cut back on marketing! This is the time your marketing resource should come into its own, the time for it to add real value.

2. However that does not mean that you should not examine the return you get from marketing activity and how influential it is in developing your business and improving sales and cash flow. You may need to better understand what it is costing and how effective it is, and then make sensible decisions about how you improve it with the same or less resource.

3. Make sure you remain visible to Customers, Clients, Employees and other Stakeholders. Don’t turn inwards - look outwards. If you cut back on marketing activity people may think you've gone bust or aren't interested in them as potential clients any longer!