Why You Shouldn’t Abandon Your Marketing During an Economic Downturn

Coming out of a global pandemic, the world is experiencing an economic downturn. Typically, businesses will try to soften the blow of an economic crisis by cutting expenses wherever possible. However, what we regularly see is businesses slashing their marketing budgets to make more wiggle room in their finances.

The desire to get through a recession can, however, cloud our thinking. Trimming down the budget is one thing, but cutting spending on marketing is a bad idea. Generally, businesses who deal in material goods and services see their products or services as the real moneymaker, and not marketing, which is why they’re happy to cut down on their marketing budgets. We’re here to explain why you shouldn’t abandon marketing when the economy experiences a downturn. Here’s what we think:

Social Media Is Booming 

It’s a fact – people are spending more time on social media than ever before. Gone are the days when Facebook was the only option for social media scrolling. Today, people keep up to date with world events and general interests on Reddit. Twitter is great for getting breaking news quickly, as well as for a good time and to engage with multiple online communities. Instagram is just as popular as ever, and TikTok has slowly risen to the number one spot of most popular social media platforms. So it’s safe to say that no, social media marketing should not be cut immediately when you want to make a saving. With the rise of people working from home, using social media to keep up with brands they support and their loved ones, social media marketing spend shouldn’t fall to the wayside.

List Building is Easier Than Ever 

Because life these days seems to be more stressful than ever, consumers are looking for solutions wherever they can find it. If they can get a solution that makes their busy days marginally easier, they’re signing up!

Whether you’re B2B or B2C, the goal of what we do remains the same. We have to provide value. And when you create content that provides value, your audience signs up to receive more of it, be it a newsletter, podcast, or a Patreon. Because many people transitioned to working from home during the pandemic, and businesses realised that they could cut overhead costs with remote teams, now is the time to start building those lists. While people work from home, they’re looking for things that make life easier, provide insights into their interests, and inspire them to keep going. So if you’ve got a podcast, or a video series, or a webinar, cutting marketing spend for these offers is not within your business’ best interest.

You might want to change your offering to better cater to your audience that meets them where they’re at, but at the end of the day, the goal remains the same: be a part of the solution and provide your audience with the solutions they’re looking for.

Marketing Can’t Be Paused – It’s a Steam Engine Building Momentum 

When things get hard, especially in terms of an economic crisis, it’s normal to look for expensive, ongoing aspects of your business that you can pause for a while. Why marketing should not be one of those aspects, is because it cannot be paused. Marketing is ongoing, an engine that doesn’t stop turning.

You don’t generally get results from digital marketing overnight. Typically, aspects of marketing such as SEO and social media marketing can only start providing tangible, money-making results after a few months. Marketing is about building momentum for your brand – when you put a pause on marketing to save money during a recession, all momentum gained falls away.

The key is to determine how to sustain your marketing efforts in a way that you achieve long-term success. If you put a brake on your marketing efforts when you’ve been gaining momentum, you’d need to spend more money later to regain the recognition and loyalty your business enjoyed before.

Be Prepared to Reinvent Your Business 

Out of necessity, many businesses have started looking for a way to reinvent themselves. When times are tough, pivoting to meet your customers where they are as things change is advisable. Embracing technology and trends is a great way to do it. Just make sure that your unique value proposition is the same. That’s your core service offering, what makes your business special and unique. All you’re doing by reinventing your business is changing how that unique value proposition is presented.

It’s Up To You

At the end of the day, it’s your decision to make. Times are tough, and the world changed drastically after the pandemic. Deciding how to survive through it all will be determined by your business and industry. However, there are considerations to be made because real world effects can take a toll on your business. Because marketing is an ongoing process, and you’re constantly working for the future results that your marketing efforts will bring, putting a pause on marketing doesn’t seem like a feasible move if you want your business to survive. Even if it means saving money now, you should be working toward the future success of your business. Remember – a recession isn’t forever, and there will always be times of prosperity. All you need to do is lay the groundwork by marketing your business, so that when times improve, you have a wealth of brand recognition, engagement, and customer loyalty behind you.