These are difficult times for businesses around the world; we are all facing the pressures that the current global situation is having on us and our businesses. We are living through an economic crisis, and naturally, when this happens, some businesses look to withdraw; cutting any unnecessary costs and expenses that they can. When it comes to marketing, your instinct may tell you that temporarily pausing your advertising and marketing efforts is the best option; however in reality you should be doing quite the opposite.
In fact, now is possibly the best time to be marketing for numerous reasons. When we look at the data gathered from previous recessions, we see that companies who increased or maintained their marketing during the difficult times saw sales growth compared to those that cut their advertising and saw a decrease in sales. A study even found that the businesses who continued with their marketing plan had long-term benefits as even in the years after they recession they had very high sales growth compared to those that discontinued marketing during the recession.
This applies even more to the situation we are experiencing now as we find that with many countries going into lockdown, we are presented with unique marketing opportunities. Due to many people being home, things are moving online. A study from Marketing Weekly found that the majority of marketers expect to see an increase in consumers use of online services and social media as well as e-commerce usage. More people using the internet and social media opens up new potential audiences. Not only this, but many people will be struggling to get their usual purchases due to issues with supply and delivery. They will be searching for alternatives, which is where your marketing will come into play to attract these customers.
Business is about excelling over competitors, and this seemingly grim economic moment is the prime time to do so. While other businesses cut their marketing, you need to keep it up and expose yourself to all of the new customers and sales that you would otherwise miss out on.
It is important to look at the long term when it comes to moments such as these, and it would make sense that when this is over, most businesses will be attempting to gain back some of their lost revenue, this means we are heading towards a very competitive market on the other side. By continuing or increasing your marketing now, you will be getting a head start on your competitors, and you will be prepared for this frantic market.
In a time where many will be looking to cut expenses, marketing should not be included in this. Marketing should not be viewed as an expense but rather an investment. It will play a vital part in helping businesses survive and even improve during these difficult times.