Why Marketing should be Last on the Kill List
During times of financial difficulty, external marketing is usually the first thing that businesses think about cutting back on. It can quite often become the sacrificial lamb in challenging economic times. The first thought of many employers when it comes to making savings is to ensure the company’s operational costs, people’s wages and general overheads become the main priority. Many companies are still reeling from the after-effects of the global pandemic and are looking for a quick financial fix. However, marketing should be the very last thing employers seek to cut back on.
For the past two years COVID-19 has left its imprint on the world, disrupting local, national and international commerce. Businesses have consequently suffered with reduced workforces, customers, prospects and revenue. During times of uncertainty, it’s natural to look towards tightening your belt and to slow down the rate at which your money is going out. Marketing often falls victim to cut-backs as it is considered less important than other areas of the business – when in fact it should be considered the most important.
Cutting back on your marketing budget all too often becomes the easy option as there’s no employees to get rid of, no legal costs to pay, and there’s the sense that marketing can resume once the economy picks up again. However, this is misguided logic as the best businesses increase their spend on marketing during times of economic distress.
Spending money on marketing helps grow your business and audience, culminating in new clients and leads. It is the main tool that drives revenue back into your business. Marketing gets your brand out there which in turn makes customers aware of your products and services, leading them to make their buying decision. When you decrease your marketing budget you decrease how often you are visible to your customers –allowing your competitors to swoop in.
Your marketing strategy is integral to your continued success and is still crucial during times of economic hardship. The emphasis might shift from driving sales to building relationships to keep your customers, and potential new customers, invested in your success. It is important that companies adapt to their clients’ needs and an example of this is to be sensitive and empathetic throughout COVID-19. Having a marketing team to hand that can really help shift and shape your key messages keeps your brand at the forefront of people’s minds.
Should you decide to cut your marketing budget, this will impact on your whole marketing strategy leaving clients wondering where you’ve gone. Or worse, that you are in danger of closing down. Marketing communicates to your audience that you are continuing to keep their best interests at heart, reinforcing their trust in your brand. Include in your strategy opportunities to launch that new product. It’s a case of grasping the nettle and launching new ideas into the world when your competitors might be holding back.
Slashing your marketing budget puts you in a difficult position when you’re ready to fire on all four cylinders again. Having spent a great deal of time expanding your brand’s reach, by the time you decide to scale back then months – or years of progress could be lost. Ensuring that your marketing strategy remains robust also helps to protect your reputation during times of uncertainty. Whether you’re using testimonials in your website campaign, case studies or interacting with customers on Facebook you’re demonstrating to prospective customers that you’re professional, reputable and here to stay.
The best businesses focus more on marketing during difficult economic times rather than less. Have confidence in your marketing team who are experienced in managing your budget and helping your business to grow.