Uncertainty to Opportunity: Why Businesses Should Continue Marketing Efforts During Financial Uncertainty
The administration in DC has changed – again. With that comes the unpredictability of our financial future. Interest rates, tariffs and taxes, regulations and wages, and everything economic affect our bottom lines. It’s enough to make business owners and CFOs freak out.
During periods of financial uncertainty, it's tempting to slash expenses, and marketing often finds itself on the chopping block. Simply taking a hatchet to the marketing budget is definitely a bad move when things get shaky because it results in the company taking a hit in the long run.
If we glance at the data, there’s plenty that support this business strategy including a 2020 study by HubSpot. The study found that businesses that maintained their marketing during the 2008 recession recovered faster and stronger.
In other words - keep the lights on while your competition goes dark.
When the economy is booming, marketing is the engine that accelerates and captures more customers. But when things slow down, that engine becomes even more crucial for you to maintain momentum. So when times are uneasy, here’s what you can do.
Stay Top of Mind: When consumers tighten their belts, they are selective about where they spend their money. Consistent marketing keeps your brand fresh in customers’ minds, so when they are ready to make a purchase, you are the first one they think of.
Stay Close: During times of uncertainty, people seek out brands they can trust. By maintaining a consistent presence, you reinforce your reliability. This can lead to increased customer loyalty, which is invaluable during economic downturns.
Seize Opportunity: When competitors pull back their marketing, it creates an opportunity for you to stand out and capture a larger market share. This allows you to gain a competitive edge and position yourself for growth.
Go with the Flow: Economic uncertainty often leads to shifts in consumer behavior. By remaining engaged with customers, you can stay informed and adapt your strategy. This way, you continue to meet your changing customer needs.
Now, I'm very aware that businesses must be money conscience. Your marketing activities need to be smart and strategic and, of course, deliver the most bang for your buck. So here’s a few cost-effective tips that can help you keep your marketing going.
Be Useful: Create valuable, useful, and educational content in blog posts, articles, and videos that can be shared via email marketing and social media to attract organic traffic and establish brand authority.
Cross Pollinate: Collaborate and share costs with other businesses for live business and educational events. You’ll realize in-person promotions, discover new customers, and provide a branded experience.
Spread the Word: Nurture your email list with targeted messages and spread the word on social so you can stay top of mind and drive conversions. Just pace yourself because you don’t want to come off as needy or annoying.
Refine Your Target: Instead of casting a wide net, focus on reaching your most valuable customers. Refresh your brand, logo, color palettes, and messaging to revitalize your image for your target customer. Even small tweaks can make a big difference.
Get Online: Audit your digital marketing and ask yourself, is my website is usable, findable, responsive, targeted, and visually appealing? Improve the customer experience and you’ll boost conversions because a clunky website and hard-to-use systems turn customers away.
Keep the Print: Targeted print and ads are effective for reaching specific demographics. Think local newspapers, community magazines, or industry-specific publications.
All in all, stay connected during times of financial uncertainty. This shows your customers that you are reliable, trustworthy, and available. And if times get shaky – it might be the thing that keeps your business afloat.
–Patrick Baxter, Chief Creative
BAXTERbranded.com
