Why You Should Double Down On Marketing During An Economic Downturn
By Nine Hive Digital
These days, there’s a lot of chatter about the global economy dipping into a recession. People are starting to tighten their belts and slow down their expenditures. In correlation, businesses might also choose to cut back on their marketing budget. Big mistake!
Be Creative
This is the perfect opportunity to hone in on your marketing strategies by being creative. Finding new channels through which you can garner leads should be the first and foremost mission. There are countless avenues through which you can get your brand in front of your potential customers, and you should be exploring them. This isn’t a crisis, it truly is an opportunity to create new systems which will outlast the economic slump.
Invest More
It’s a fact that people spend less during an economic downturn, which might mean less sales for you. That’s why this is the time to invest more in your marketing, not less. This ensures that your sales don’t correlate with the decreasing budgets of your potential customers. If you do it right, you’ll actually experience a boom in your sales.
Beat The Competition
You can turn this uncertain time into an opportunity for you to get ahead of your competitors as well. During economic booms, people spend more resources in their marketing. But now, chances are that your competitors are decreasing their resources spent on their marketing. Adversely, you should be increasing your marketing efforts to get your brand to the forefront now.
Be fearful when others are greedy, and greedy when others are fearful.
– Warren Buffett
Worth It At The End
When the economy does recover, and it will, you’ll be glad that you spent this time to hone in on your marketing strategies. You’ll have gained more experience and have trimmed the fat, which will inevitably make your marketing efforts more robust during the consequent booming economy. Focusing more on your marketing now will mean that you’ll be that much further than your competitors in the future.
In short, spend more resources on your marketing during an economic downturn.