Don’t Give Up: Keep Marketing in a Down Economy
Are you like many Americans pondering the question, “Are we going into a recession?”
The answer you’ll receive depends on who you ask...some economists say it’s pretty certain within the next couple of years, while others say it’s less likely. A lot of people fall somewhere in between.
When the health of the economy is in limbo, businesses begin to tighten their belts. One of the first expenses that businesses cut tends to be marketing spend.
Now more than ever, businesses need to maximize their marketing efforts. Learn the importance of staying relevant and maintaining your company’s presence by working with marketing agencies to get through rough times.
Is Marketing A Cost Center Or A Profit Generator?
Some companies consider marketing to be a cost center meaning that it doesn’t directly add to a company’s profits. It’s just a cost the company incurs and it can be cut in rough economic times.
Others realize that large and small business marketing helps a company generate profit. But, even those who hold this belief may be inclined to cut the marketing budget and rely on their working channel without managing it or making additional investments.
Another way to look at it: Increase your marketing spend and capitalize on the opportunity brought about by your competitors cutting back on their marketing campaigns.
Why Do You Need To Keep Investing In Marketing?
What happens when you keep the status quo? You have to worry about algorithms changing, the decay of search rankings, and things that work in one quarter may not in the next.
When you let your marketing efforts go, you’ll quickly realize that the gains you’ve made are stifled or even erode when defunded.
Why Delegate Your Marketing Efforts?
In good and bad economic times, it’s always prudent to trust your marketing campaign to the professionals. You’ll be able to continue with your main job duties and make a smart investment in people with marketing ideas and services that will grow your business.
Use cost averaging to divide up the investment over time whether the market is up or down. No matter what happens with the market, you’re in a good position with your steady spending on marketing.
Also, consider making strategic investments to ensure sustainable growth over time. This type of long-term thinking and making smart investments result in good, continuous growth!
Marketing in a Down Economy
It’s important to remember that marketing in a down economy is a continuation of your marketing planning. You shouldn’t jump ship because of economic hard times. You’ve been involved in long-term planning and made an investment in marketing that resulted in sustainable growth. Don’t abandon it as a knee-jerk reaction.
If you’re concerned about how marketing might affect your business’s budgeting, we can help. Contact us to discuss our marketing services. We offer services like rebranding, strategic planning, marketing research, drip campaigns, and much more. Let us show you how we can increase your visibility within your target markets and grow your business.