Zig while your competition Zags: How to market your company during a recession.
Many forecasters say that a recession is coming. During a recession or any other turbulent economic situation, businesses often put their marketing budgets on the chopping block.
On its face, that sounds like sound financial advice. However, data shows that brands that continued marketing investments during the last recession saw ROI growth in back-to-back years (analyticpartners.com).
While your competitors are reacting to the recession and cutting advertising, do the opposite
This isn’t a call to continue marketing as you would in the best economic conditions —you clearly need to rethink your strategy to focus on the situation you’re in—?but I am?recommending you maintain a healthy marketing budget during this period of uncertainty. Take time to really analyze and think about how you can continue to thrive during challenging economic times and come out on top of your competition after it is over.
The biggest mistake, for most companies, would be to cut marketing out completely. Customers are still looking for your products and services even if they can’t afford to purchase them right now.
Remember that a recession is temporary. If you maintain your marketing, advertising, and outreach you’ll become the go-to option for your customers when they are ready to buy again. You will have a head start at the end of the recession while your competitors are scrambling to restart their marketing.