Knowing the Difference between Price & Value

How to evaluate your marketing plan during a downturn.

The difference between Price and Value is something all marketers need to know and use during our daily lives. With the current situation, its importance will only increase. As marketing professionals we are going to be doing daily battle with attacks on our budgets during these uncertain times. Now more than ever, we need to prove the value of what we do. Our co-executives may look at marketing tactics and only see price. We must show them the value.

You may have already had the “Cut Back” not “Cut Off” conversation regarding marketing. Assuming it went well and your company has not decided to go completely dark during this unprecedented downturn, you may be considering “What next?” How do I best determine what to cut back on, what to completely stop, and where to pivot budget into? Let Value be your guide.

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The Marketing Upside

Finding the Good During an Economic Slowdown

We have all seen it before. The first thing to be cut in a down economy is marketing. It's the easiest thing to do and generally doesn’t require l

aying off employees or reducing production. It hearkens back to the days of when marketing couldn't show return on investment (ROI). And even now in the days of data overload, it still tends to be the fallback position. However, research shows that companies that continue to spend on marketing and even increase their spends, fare better during recessions than those that do not.

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Marketing your Business with CRM Software

Today the business environment is ever-changing, and the use of digital marketing is leaving traditional marketing in its wake, for good reason.  Business operations today are more complex. Companies are challenged to understand and utilize a myriad of channels while attempting to retain existing customers and also connect with potential new customers every single day. 

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Integrated Marketing in Action

If you're not using an integrated marketing strategy, then you might want to rethink your approach.  Executing an integrated marketing campaign is really all about identifying the channels that work best for your company or organization and leveraging them to make the most impact.  But to ensure success, it's important to understand and expand upon past success.  Gathering critical information and marketing intelligence is an important part of any integrated marketing strategy.  Understanding and using the right analytics to track and measure success is not only important for the success of a current campaign but for future campaigns as well.

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