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During these challenging economic times, small businesses may be tempted to cease marketing efforts. But, a marketing/advertising executive and a business professor advise re-considering that policy. They stress the importance of continuing marketing, advertising and new business development initiatives.
"The most important thing for small businesses in these tough economic times is to take care of existing customers," says Philip Shirley, president and CEO of the Jackson-based GodwinGroup. "Make sure you hold on to your base. Call on them; listen to their concerns; hold special events for them. All kinds of studies outline how much it costs to get new business, making it crucial to respond to the changing needs of existing customers."
