Everyone is wondering if we’re in a recession and the answer is nuanced. As companies prepare for what could be a tumultuous end to the year, many brands are taking stock of their marketing efforts and deciding where their dollars are best spent. Decreases in customer spending can create a vicious cycle where companies start budget adjustments and often one of the first things to go is marketing. But, according to research by Analytic Partners, “60% of brands that increased their media investment during the last recession saw ROI improvements. Meanwhile, those who slashed spending risked losing 15% of their business to competitors who boosted theirs.” Here are our top 3 reasons not to cut marketing during a recession.
Keep Your Brand Top of Mind
During a recession, it’s even more important for your brand to stay top of mind. Especially if your competitors are doing a good job of keeping their brand in the spotlight. The last thing you want is to lose customers/clients simply because you’re no longer in front of them. Having a presence so your customers and future customers remember who you are is an integral part of your marketing strategy.
Make Sure Your Brand is Staying Relevant
Times are changing and your brand has to adjust accordingly. Pay attention to trends. Keep your brand relevant and up-to-date. Position yourself based on the current news cycle and consumer/client spending. In addition, be sure to analyze spending and for each client, take a deep dive into what marketing efforts are paying off. You don’t have to cut your marketing during a recession, but you should redirect funds into what is working best and driving new sales. If your brand is seeing success in influencer marketing – look at refining your budget to better support that tactic. If your brand is getting your sales from the website and not from email marketing – it makes sense to re-allocate funds into what’s working best.
Build Relationships with Reporters
Now is the perfect time to continue building relationships with reporters. Get to know them better. Be a resource not just for your client. Really form solid relationships so when it is time for a story where your brand is a good fit, you come to their mind first. For more media relations advice, click here.
Does your brand need a boost to get through the current economic climate? Reach out to us today to learn more at [email protected]