Cut Marketing Costs, Make Profits!!! Not!!!!
Just saw this press release….
THE CITY’S FAVOURITE SHIRTMAKER, CHARLES TYRWHITT ’DEFIANTLY’ OPENS NEW STORE IN THE CITY – 30TH JULY 2009
The City of London’s Favourite Shirt Maker, Charles Tyrwhitt, is ’defiantly’ opening a new retail store in The City of London on Thursday, 30th July 2009.
The store will be located at 29 Canada Place, Canary Wharf, at the epi-centre of London’s financial district.
Charles Tyrwhitt was ’ringside’ in Manhatten, New York with its stores in Madison Avenue and 7th Avenue during the worst stages of the recession. Charles Tyrwhitt has stores in the same building as Bear Stearns and Lehman Brothers, both casualties of the recession.
“We’ve cut £2 million of marketing costs, and as a result are now profitable,“ says Charles Tyrwhitt, Chairman Nick Wheeler.
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Great shirts…hope the business thrives, I really do. But imagine any business saying they cut marketing by £2m…or maybe sacked all their staff…to become profitable!!!
Hope it works, like I said, but seems an odd way to run a business. How’s anyone going to find the shop if they’ve cut marketing???
This entry was posted on Wednesday, July 15th, 2009 at 4:05 pm and is filed under Fresh News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
Maybe if we all cut marketing costs the world will be a better place. Just a thought !!!
Fair point Joshua, but you wouldn’t expect an organisation like ours that depends on clients’ generous marketing budgets to be too much in support!
But at a wider level, I can’t help but agree that the vertiable blizzard of marketing-related material, from advertising to PR, that we endure day-in day-out deadens the senses, corrupts our judgment and pollutes the countryside and the airwaves. Is it the price we must pay for an open competitive marketplace or does it demonstrate a rather dumb, shotgun approach to selling product that misses many more targets than it hits?
I’m no economist, nor even an economic philosopher, but as my colleague Rhidian Jones points out in our online version (click the link on the right hand side of the page) marketing that does not specifically drive sales is a waste of money. Of course then you get into the “half my advertising budget is a waste of money….now if I cold only find out which half….” argument!
Thanks for your post!