Marketing has proven to be an integral part of a company’s success. Yet it’s likely the first-place companies cut back on when they need to save money, adjust their budget, or even reduce workload. Why is the marketing budget typically the first to go? Most companies view marketing as a non-essential cost. When reviewing expenses from the past fiscal years, if there were specific marketing efforts that did not yield a high ROI, it makes it easier for companies to justify cutting those costs.
Marketing During an Economic Downturn
It’s no secret that inflation is high and the market in a downturn– Industries across the board are working harder than ever to keep their sales up and expenses low. All this means is now, more than ever is the time to focus on your marketing strategy, and here’s why.
Think about it this way, business was falling into laps before, marketing efforts to find new customers were of minimal need. Now, when people are holding on to their money, more conscious of what they are spending and what they are spending on– They need to keep you top of mind. For example, I am continually seeing an ad for these cute fall boots from Steve Madden, do I need them? Do I need to spend my money on them? Probably not, but with the ads and emails I consistently received reminding me they could be mine for just four payments of $18.98, did I buy them? You bet I did.
Now this is just one strategy, and I am just one person. There are many other ways to attract new customers, stay top of mind to current customers, and continue to build your business during these times.
Benefits of a Continued Marketing Strategy
Developing a marketing strategy that you can implement now and carry through the inevitable economic ups and downs benefits your company in many ways.
Here are few…
- Keep top of mind for your current customers and attract new customers– Strategies like email marketing, blog posting, and google ads can ensure you stay top of mind and attract those who are looking for your services
- Place yourself above your competition– implementing marketing strategies, especially while everyone has cut back, will make your brand stand above the rest and be first to come to mind when someone is ready to buy.
- Quick recovery when market normalizes– Having strategies in place now will help with an easy transition once the market normalizes. While others are playing catch-up trying to attract customers who are now ready to spend money, you will have already been keeping yourself front of mind of those same customers.
- Build a marketing strategy that sets you up for growth when the market recovers– Not only will you be the first to grab those customers who have been waiting to buy, but the transition will be a smooth one. You’ll set your company up for continued growth, already having a marketing strategy in place that you can analyze and adjust when the market gets hot.
As you can see, a marketing strategy is not just for the now. Of course, some goals will change based on the year and the market, however, the overall goal remains the same. Growth. Implementing a plan now that can carry you through every turn of the market, with small adjustments, will keep your company on the right track to hitting your big goals.
JCW Teaches you How to Maximize your Marketing Strategy.
Don’t know where to begin? That’s okay, JCW is here to help. We work with multiple customers across several industries, developing strategies that fit their brand and their budget. We teach you how to create a marketing plan that gets you to your goals.
With a range of services from email marketing campaigns, event, and ad creation to social media management and more. We provide our clients with a personalized experience that helps guides their company to growth.
Have questions about your next step in creating a strategy for you company?