Many small to medium sized spa or spa products businesses are making important decisions about their communications programs at this slow point in our nations economy. Unfortunately for some, their decisions to save money can ultimately cost them their customers in the long run. Communications budgets do not have to be six or seven figures to move the needle for your business. Public Relations can be a relatively inexpensive and quite powerful tool if used correctly.
Given the slow current economic climate, many companies are afraid to invest in advertising or marketing activities–thinking they are making the right choice to “save money.” However, cutting all types of communications activities, such as PR, advertising, promotions, special events is one of the worst common mistakes that companies make. Instead, those that want to succeed should keep the marketing pressure on since many competitors may slow their spending on marketing. This leaves a perfect opportunity to steal a competitor’s valuable market share. These are the most efficient customer wins since your same dollar spent on marketing will provide more benefit now when it is not in competition with your competitors dollars for eyeballs.
Actually there is a very well known Harvard study regarding share of voice to share of market. One of the best strategies in a down economy is to increase communications activities and grow your market share while your competitors sleep.