Why you shouldn't cut out marketing in an economic crisis
During an economic downturn, many businesses aim to cut spending as much as possible to make ends meet financially. One of the first things to be cut is marketing. However, we recommend that you reconsider your decision.
Assume you're running a 100-meter sprint. You're standing next to your competitors, and when you hear the start, you immediately shoot yourself in the leg. What a terrible idea, you might think. Well, the same thing is with cutting out your marketing strategy in an economic crisis.
Let's start at the beginning. Marketing helps you inform others of your presence and place your products and services on the market. You don't exist if you remove all of that. People will find it difficult to reach you. As a result, fewer and fewer sales will occur, which is undoubtedly the last thing you want.
If you're still not convinced, here's a closer look:
1. Learn from the past crisis
The economic downturn is hard for all businesses since many begin to face financial losses. On the other hand, companies that kept their marketing strategy during the 2008 crisis were in a far better position when things started to normalize.
2. What about your competitors?
You may throw out your marketing strategy through the window, but what if your competitors don't? They will swiftly take control of the market, leaving you in a bad position during and after the crisis.
Marketing helps you inform others of your presence and place your products and services on the market. You don't exist if you remove all of that.
3. Audience won't wait
You must maintain and keep your social media channels up to date with your brand when you develop a community. They'll wonder where you've gone and what's happened and gravitate toward your competitors' brands. That is the time to interact with them rather than ignore them.
4. Have trust in your marketing team/agency
They are not only promoting your business, products, or services, but they are also describing your journey and connecting your community. Their job isn't as simple as it sometimes might appear because they must change their communication and overall strategy for a given scenario, which requires great caution. They may adjust the approach to these challenging circumstances while keeping your brand alive as much as possible. The same can be said for an economic crisis. They have been doing an excellent job for a long time when it was safe, so don't lose faith in them just now.
5. Think long-term
Bad times come and go, and it's on you to make the right decisions to maintain your ground in the market. Although it may seem in the short term that cutting areas like marketing can be a smart move to save money, it will cause significant damage in the long run. There are many risks, but you must thrive and understand what is best for your business.
In conclusion, marketing is the foundation of bringing your brand to the public eye. When things go south, you must do everything you can to keep your business going, and that means keeping your marketing team or agency and consulting with them on how to get through this.
Do you need an extra hand in determining what is best for your brand now? Let us know!