Why You Shouldn’t Stop Marketing in a Recession

With rising interest rates and the cost of living through the roof, we know things are starting to get a little tough for everyone out there. People are spending less money, therefore revenue might be slowing. It’s natural to want to tighten your purse strings and take a good look at all of the costs to your business moving forward, don’t worry, we are all feeling that pinch at the moment.

The thing is, in our industry, we tend to see a certain trend when that happens. Clients start to panic and the first thing they do is cut or completely abolish their marketing budget. It’s the first to go. This is a mistake, and we are here to tell you why it should be at the bottom of the list when it’s time to cut costs.

Think Long Term

Research shows that businesses that continue marketing through an economic downturn, perform better in the long run. Stopping your marketing during a recession can put long term growth at risk. At the end of the day, when the economy does recover, you want to be at the forefront of your target market’s mind, not fall off the map.

Don’t Discount the Power of Momentum

Continuing your marketing efforts, even when things are slow, guarantees that you won’t lose momentum. If you choose to stop, even for a small amount of time, you essentially need to start all over again. Unfortunately when it comes to marketing, picking up where you left off just doesn’t work.

Connection is Key

When you are marketing your business, you are nurturing a connection with your target market. Building trust is an extremely important part of that process. Being transparent with your marketing in a challenging economy is a great way to let your customers know how much you appreciate their business, in the good times and the bad.

Make Your Business Stand Out

The fact is, if you are thinking about cutting your marketing budget, chances are your competitors are too. This is something you can take advantage of. Use the opportunity to reposition your brand as a leader in your field or even introduce a new product.

The reality is that people don’t stop living during a recession. Services are still needed and you want to be front of mind when that happens.

We know that we are in stressful times at the moment and that it might seem like the right thing to do to cut back on advertising. But at what cost? We know from the past that this won’t last forever and your business still needs to engage.

We are here to help, if your brand or business is lacking in social media strategy or direction it might be time to book a 15-minute strategy session to find out how we can support your business growth even when the economy is not growing!