What do CEO's need to consider regarding marketing during a recession? Not trimming marketing dollars from your company's budget during times of economic recession. "It is a proven fact that companies that cut back on marketing and promotion when economic times are tough ultimately end up neglecting existing customers and missing prospects," said Sam Yates, President, Yates & Associates. "Trying to play catch-up and regain lost market share when economic conditions improve costs more in the long run than maintaining a consistent market presence," added Yates.
Yates suggests redirecting money from your advertising budget to public relations activities. "Public relations is used to build awareness of your company, your brand, your products, and your services," said Yates. Yates & Associates utilizes a variety of tools, such a promoting news stories, writing articles for trade and consumer publications, and staging special events and other types of media promotions to keep its clients in the forefront.
"We had a dedicated weekly newspaper ad that just wasn't bringing us results," said Kenneth Palestrant, M.D., founder of Physicians Immediate Care, one of the region's premier providers of ambulatory and urgent health care. Their impetus to reconsider their marketing efforts came about when they were building a second clinic in western Port St. Lucie and planning its grand opening. Three months before the clinic was scheduled to open, "We turned to Yates & Associates to assist us with marketing so that we could focus on the building, outfitting and staffing of the new clinic," said Dr. Palestrant. Yates & Associates not only tackled the planning and coordination of this event, but the firm also began positioning Dr. Palestrant as a medical expert with the media.
Within one month of opening, patient load was at the projected six-month level. Within 45 days, patient load matched one year projected level. Today both clinics are operating equally, and a third clinic is in the planning stage. This proved to be a turning point for Physicians Immediate Care.
"When we decided to withdraw newspaper advertising and hire Yates & Associates, we exceeded our goals and expectations," said Dr. Palestrant. Seeing such quick results, Physicians Immediate Care decided to keep Yates & Associates on retainer. "We have learned that marketing is much more than just advertising. We have also learned that by selecting a qualified marketing firm, such as Yates & Associates, the return on our investment has been extremely rewarding," summed up Dr. Palestrant.
The bottom line: In times of economic downturn, don't cut your marketing budget in an effort to cut costs. For your business to retain its market share, you need to include public relations in your financial plan.
Yates & Associates provides a full range of cost-effective marketing communications services that produce results. Let Yates & Associates help you grow your business.
For more information, contact Dorothy Kamm, Executive Vice President, Yates & Associates, (772) 225-1292;
www.YatesPro.com.