All signs appear to show that we are heading for a recession. When a recession happens, money gets tight. The knee-jerk response is to find ways to cut expenses, which is a practical step to take. Marketing efforts are one of the first categories to cut.
Here is the part of this post that is going to sound self-serving, so I will back it up. Cutting marketing during a recession is a huge mistake. Your company disappears. You are making an assumption that even during a recession, no one is looking for your products or services. You are leaving the door open for your competitors, who continue their marketing, to get the lion’s share of these new opportunities. The fact of the matter is you want to communicate to the world that you are open for business.
If a significant amount of your marketing budget is spent on traditional tactics like tv, radio, magazine ads, billboards, etc, you may want to shift some of that budget towards digital marketing tactics that are more surgical in their approach. Digital marketing allows you to easily control your spending and provides real-time analytics which enables you to be nimble and modify your strategy instantly if needed.
Some of the most affordable, but impactful marketing opportunities during a recession are:
- Pay Per Click (PPC) Advertising
- Social Media Marketing & Advertising
- Email Marketing
- Content Marketing
- Search Engine Optimization
It is important during rough times to let your employees, customers, and prospects know that you are doing okay. If you disappear, there’s a chance your target audience will move on to someone who is more visible.
If you need help reallocating your marketing spend, we are here for you.