Posted: 2023-01-03 09:04:23
In some recent research carried out in the USA in December 2022, approximately a quarter of companies surveyed said they would be increasing their spend on social media advertising in 2023.
Marketing during a recession may seem counterintuitive - why invest in promoting your business when times are tough and people are cutting back on their spending?
In fact the survey bears out this pre-conception as the vast majority are not planning to increase spending. So what are the businesses planning an increase thinking about?
Here are 5 very good reasons why it makes sense to increase, or at least maintain, your marketing efforts during a recession:
If you continue to market your business aggressively, you have the opportunity to grab market share from your competitors who are scaling back.
The figures bear this out. If the vast majority are cutting back, the ones advertising will stand out.
During a recession, people are more price-sensitive and are looking for the best deals.
By continuing to market your products or services, you can highlight any promotions or discounts you may be offering to attract budget-conscious consumers.
Even if your customers are cutting back on their spending, maintaining a relationship with them through marketing can help to keep your business in their mind when they are ready to start spending again.
While it may be tempting to solely focus on short-term survival during a recession, investing in marketing can help to set your business up for success in the long run.
By continuing to build your brand and engage with your customers, you can come out of the recession stronger than ever.
By continuing to attract new customers and retaining your existing ones, you can help to cushion the impact of a recession on your business.
There is no getting away from the reality of having to work harder to maintain your business when market conditions are worsening.
When the going gets tough, the tough get going.
While it may seem counterintuitive, increasing or at least maintaining your marketing efforts during a recession can help to set your business up for success in the long run.
By taking advantage of the opportunity to grab market share from your competitors, appealing to price-sensitive consumers, and building customer loyalty, you can weather the economic storm and come out even stronger on the other side.
You can always call on TTMG Internet for support - we have been here before.