Why Stopping your Marketing Activity Should Always be a Last Resort
You’ve survived the pandemic, you fought hard to get back on track, sales were on the up … but along came the cost of living crisis and a rumoured recession. There’s no option now but to start cutting costs and reduce your outgoings. And reducing your marketing is a good place to start, right?
Not necessarily.
Traditionally, marketing has always been seen as a ‘nice-to-have’ and as such has been one of the first areas to be sacrificed. However, businesses that view marketing as an investment – and not a cost – and make efforts to maintain it, will find themselves in a much stronger position when the economy starts to recover.
Switching off your marketing activity might help balance the books in the short term – but it could have a negative impact on your business in the long term. You’ve worked hard to build your brand, your reputation and your customer base – stopping your marketing could undo much of this work, and make it costly to regain your ground when we emerge through the other side.
In addition, if your competitors continue to invest in their marketing whilst you don’t, you may find yourself losing market share that you will struggle to regain. Of course, it is important to be practical. If your revenue is down you should make adjustments accordingly, however stopping all activity would be a mistake.
So how can you continue to communicate with your customers during a cost of living crisis?
Our Top Tips for Marketing During A Recession
Stay in Touch
Don’t be tempted to stop communicating with your existing customers, for fear of appearing too pushy. They may be worried about their own business, or be worried about yours … reassure them that you are here for them. Stay in touch with regular emails and newsletters. Companies will remember the good service they have received during tough times.
It’s Ok to Keep Selling
Some businesses may feel reluctant to push their services or products when times are hard – but it’s ok to keep selling. Your clients may be dependent upon you, and you should aim to provide a consistent service. And don’t assume everyone is struggling – many companies pivoted into new markets in the pandemic, so there may be opportunities for new business out there.
Keep it Social
Social media is a great, cost-effective way to maintain brand awareness. Even if you do reduce your digital or traditional advertising, you should still post regular updates to your clients and prospects on social media so you remain front of mind. All that it costs is your time.
And if you’ve never used social media before … now could be a good time to start!
Be Sensitive to What is Happening Around You
If you are one of the few businesses unaffected by the rising cost of living, that’s great – but be mindful of others less fortunate. Is there anything you could do to help others? Perhaps a special discount aimed at those who are struggling, food drives to support your local food bank or regular blogs offering free advice or hints and tips for consumers. Not only will it help your brand reputation – it will make you feel good too!
Don’t Forget Your Internal Marketing
It’s not just your customers who may be feeling vulnerable .. your staff may be too. They will be worried about rising costs and may feel unsure about their job prospects. Regularly communicating with them will help them to feel more secure and will hopefully improve morale in the workplace. Employers who treat their employees well will be rewarded with increased loyalty and engagement when the market bounces back.
Necessity is the Mother of Invention
It might be difficult but try not to focus on the negative news and media – many successful companies have developed new products or services in periods of adversity. Even if this isn’t possible, perhaps you could use any downtime to review your marketing strategy. Consider what is working and what isn’t, how can you get in front of your dream client and what new channels and activities you could focus on.
Support is Always Available
And finally, if your business is experiencing difficulties there is always support available. Try contacting your local county council or local Citizens Advice Bureau – they will signpost places to seek help.
If you are a business based in Worcestershire seeking support for your business please visit https://www.worcestershire.gov.uk/info/20278/support_for_businesses or the visit contact the Worcestershire Growth Hub at https://worcestershiregrowthhub.co.uk/ for advice.