In Nigeria we just came out of a really bad recession which we got into because of the collapse in the price of oil since oil is the country’s major source of FX, her currency devalued well over 250% from about $1=#150 to $1=#540 Nigerian Naira. This really was a big blow to the Nigerian economy; it laterally made cost of importation and production sky rocket.
Since it now cost more to both produce and import in the country a lot of Nigerian companies were trying to reduce cost by cutting their marketing because to them it has become “too expensive”, so my question is “Is Marketing Too Expensive?”. To be sincere I don’t think so, now Nigeria is out of recession and the Naira has pretty Strengthen a little bit but the can boldly tell you that the companies that became aggressive with their marketing were the once who has truly weather the storm.
During the recession some of the major advertising firms were complaining that most of the companies in the country were reducing their Ad budgets which they warned against not just because they could gain lots of revenue from it but because they know the impart it’s going to have on the businesses that does so. Of a truth they were right some took their advice and others I’m sure didn’t, which I know they are regretting now today.
The thing is you can have the best product but with the wrong approach to marketing you are going to lose the most important thing for the survival of your business which is revenue. If you don’t put yourself out there you are going to lose value in the eyes of the public, it is what it is, but when you put yourself out there you are going to pure your presence to the public which would give you the best edge to acquire revenue. So now, would you “cut cost” and lose profit or “increase cost” and stay in profit? Remember all these things you do as a business is for you to earn profit at the end before everybody in the end.
The Nigerian recession killed some but in the also brought out some new giants of industries because of one major reason; Marketing. I don’t want you guys to see something that brings you revenue as “too expensive”, what’s more expensive you lose your capital or you invest to gain profit? The answer is crystal clear.
My own personal experience during the recession, we just started a new studio in the city of Benin were I school, it was during this period we were more aggressive in marketing which increase our profit by a wide margin. While some were “cutting cost” we were aggressive. I think the words of Warren Buffet can also apply to this “Be fearfully when everyone is excited, but be excited when everyone is fearful”.
I hope you have gain some knowledge from this post, please let me know what you think about it in the comment section bellow, you can also ask me any question bellow on anything marketing and entrepreneurship.
Please also upvote if you find this post useful and also resteem to help others also, thank you for going through this post.
I am Ofomaja E. Joshua and I do MARKETING & ENTREPERENURERSHIP
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