When there is even a sniff of a coming recession you get a mountain of marketeers encouraging everyone to continue marketing… no surprise there eh! However as it’s so common, esspecially right now, and the markets are filled with so much panic… it can easily end up fuelling business owners nerves driving them even faster into marketing hibernation!
What we, (us marketeers), often fail to tell you though is there are in fact many examples throughout history that prove you might want to think again about cutting your marketing spend, you might even want to think about increasing it!
This recession marketing article by the respected forbes.com, highlights why we should consider stepping up not stepping back marketing with a few great examples as proof.
Forbes write, “In the 1920’s, Post was the category leader in the ready-to-eat cereal category. During the Great Depression, Post cut back significantly its advertising budget and rival Kellogg’s doubled its advertising spend, investing heavily in radio and introducing a new cereal called Rice Krispies, featuring “Snap,” “Crackle” and “Pop.” Kellogg’s profits grew by 30% and the company became the category leader, a position it has maintained for decades.”
As scary as it may seem to continue advertising during bad economic times, it really does put you in a great position later! Consumers will be aware of your brand and it will seem to be stable due to the fact you appear to have the budget to market throughout these quieter periods.
Don’t just take it from me though… Sam Walton, the founder of Wal-Mart. When asked, “What do you think about a recession?” he responded, “I thought about it and decided not to participate.”
If you stand still you could end up losing out to a competitor who has the foresight to fight through these tough times and keep the brand awareness alive. If you fail to plan you plan to fail…
My sole purpose in starting and growing our outsourced sales and marketing agency is to help companies sell more in the good times, but most importantly achieve it during slower times too!… it may well be possible to position your business to take advantage of everyone else’s caution at this time, we want to look at how we might be able to help you do that.
Right now we’re offering at least 1 hour of free support and online research to any business owner who wants to take their business online or expand what they do online, any recommendations will be backed up with the results of the research and will be handed over free of charge whatever you decide to do.
All that said, you might still need a bit of financial support to give you the confidence to ‘keep calm & carry on… marketing’, thankfully there is plenty of funding around right now to help you.
A great summary of what business support is coming soon is available from the FSB COVID-19 Advice page here.
Support is also available a little closer to home too via our friends at the NBSL, check out the links below for your local area and let me know if we can help you in anyway:
- There is still over £300,000 of grant funding for projects available to County Durham businesses in 2020.
- More than £94,000 grant funding for projects available to Tyne & Wear and Northumberland businesses in 2020.
We are extremely grateful for you taking the time to read our content, thank you. If there is a subject you would like to suggest we cover then please don’t hesitate to let us know here.
If you curious to find out how we could potentially help your business, then let us know what you need via our apply here page. We will check your energy usage and bills, then spend a couple of hours researching what the chances of your success are via our sales & digital marketing solutions… We will only propose something if we are 100% sure our service will pay for itself comfortably in less than 12 months!