In our last blog post we touched upon the importance of maintaining your marketing budget during an economic downturn. For this post, we wanted to expand upon that commentary.
Tips to recession-proof your marketing strategy
An August 2022 press release from Analytic Partners, a company that collects and analyzes data as a means of helping their clients optimize their marketing strategies, stated that the best way to get through a possible economic downturn is to invest in your brand and in the relationships that you have with your customers.
Although short-term thinking may have some leaning toward trimming their marketing spend, that strategy can undermine growth. The report also outlined other strategies that organizations can use to maintain (and potentially grow) their revenues in a sluggish economy. According to their data:
- Using multiple marketing channels can increase advertising impact by 35%
- Half of brands that increased marketing investment during the last recession saw ROI growth in back-to-back years
- Brand messaging outperforms performance messaging 80% of the time; refocusing exclusively on performance messaging will lead to losses
A second real-world example of why this works
One of our staff members knows a man who owns a business where every inbound phone call has the potential to net thousands of dollars in revenue. Suffice to say, in his industry, a top-notch slot on the first page of search engine results can make or break a company’s earnings.
At the start of the COVID-19 pandemic (when industry earnings as a whole took a nosedive), he saw that most of his competitors cut their marketing budgets almost in their entirety. He decided to do the exact opposite. Not only did his competitors lose their Google search rankings, his company’s listing rose to the #1 slot.
“The industry I work in has been on the decline for a few years and a lot of companies have been going under because of it,” he said. “When COVID-19 hit, I decided to go all-in with my marketing, and it paid off. I know of at least 5 businesses in the surrounding area that went under during the pandemic- but because I decided to up my marketing, my annual revenues stayed level.”
Are you interested in learning more about how outsourcing your marketing efforts can help you grow your business and save you money? We can help. Call WBN Marketing of Florida today to speak with a local expert.