Why You Should Cherish Marketing During a Recession
Sunday, November 9th, 2008
As the economy has worsened over the past several months, the knee-jerk reaction of many companies is to cut spending significantly. Where do they typically start with their budget cuts? Oddly enough, with their marketing campaigns. See, for some reason, many businesses seem to believe that marketing is a discretionary spend. To me, that’s like saying gas for your car isn’t really necessary, and food is optional too.
MARKETING IS NOT OPTIONAL!
But, since some companies seem to think it is, that means you have several reasons to cherish the opportunity of marketing during a recession.
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Fewer competing voices- As more companies continue to cut their marketing budgets, this means consumers are being hit with fewer advertisements. Usually, you have to compete with several other voices, and it’s difficult to stand out in the crowd. Now, your competitors are cutting marketing spending; so, your voice is suddenly a lot louder and clearer to your target audience.
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Hit ‘em where it hurts- Your job during a recession is to figure out where exactly your competitors cut their marketing spending. Did they slash their PPC budget? Or are they giving up on direct mailings for the time being? Figure out the shortcomings of your competition, and hit them where it hurts. Again, taking advantage of the channels they aren’t using just makes your voice that much louder and clearer. And it gives you a huge head start for when the economy comes back around. Take this time to become the leader in your industry.
