MARKETING CUTS DURING DIFFICULT TIMES CAN ACTUALLY HURT YOUR BUSINESS

It’s no secret businesses have begun to struggle under the weight of Covid-19. Amid a pandemic and mass panic it's become difficult for many to trade or operate as they usually would, and for most the effects of the Coronavirus has touched them in ways they never imagined.

But what do you do in a situation like this as a business owner? Sure, the economy has slowed or even paused but it’s not the first time and it’s highly unlikely to be the last. How did we manage to get through an economic crisis before? What has history taught us?

Granted many people’s first response to something like this is often an emotional one aimed at protecting their business, with most having to make cuts to budget, staff and key areas, but history has shown that although this alleviates the pressure in the short term it might not be the best response for a thriving and ambitious business, leading to longer-term issues.

It’s important to understand that regardless of the current outlook it’s extremely likely that there are options available that can be taken advantage of whilst doing right by your staff, customers and business. With a slightly different perspective, it's possible to identify and learn how to leverage them, and we want to help you with this.

Reasons why pressing pause on marketing might not be the wisest decision

Losing credibility

Building trust with your target audience doesn’t just stop because the economy has slowed down, in fact it’s in the time of a crisis that you’re able to prove yourself and show them what you’re made of. Perhaps your messaging and positioning will have to change slightly as let’s face it you’ll be operating far from ‘business as usual’, but this might be the ideal opportunity to show customers that the business is agile, considerate and innovative.

This then leads us on to the importance of being seen. Depending on what industry you operate in it’s likely that sales will slow down with customers having to be more cautious with their spending, but it is still important that they’re able to find you and that you reassure them at every available opportunity.

If your customers don’t know where to find you or begin losing trust in your service this is not something that can be easily regained.

All these might not seem very important whilst we’re in the midst of the storm, but the beauty of it will surely be seen and felt as things get better and remember running a business is more about foresight.

Leads taking a hit

It’s understood that if no money is made then nothing gets paid, but what might look like an attractive and common-sense decision to switch off everything that doesn’t seem to be making money instantly might not be the best idea.

Sales will have slowed down or in some areas stopped almost completely, but you still need to keep the doors open for those who are brave enough and have a need for your product.

So, is it a wise decision to shut down all your campaigns or would it make more sense to repurpose or reposition them? Remember marketing is all about understanding your audience and being able to accommodate their changing needs and this situation is no different.

Customers forgetting about you

Businesses invest a lot of money on brand awareness and to be associated with certain feelings and values, or sometimes just to be seen by their intended audience. But what happens if all marketing stops? Or worse when the only things customers hear about in regards to you are negative? That’s years and how much amount of money down the drain in what could be a short spell. When the market begins to pick up customers can’t help but wonder if you’re in a position to take on their work or offer them a service after all the issues they heard you were having.

Being able to steer the narrative of your business and still be seen as a business functioning successfully, despite the hardships within the environment is key to hanging on to the reputation, and brand you’ve spent so much time investing in. All this can only be done through marketing.

Balancing the peaks and troughs

The more successful businesses use marketing campaigns during months with low sales. As stated earlier on, you might have to put more thought into your positioning and messaging but with a little innovation, you might even find a new USP.

Of course, customers have full autonomy of what they want to purchase, but you can't deny that a strong marketing base and a team that understands what their audience needs in this very time can do much to tilt the scale (in your favour).

Don't throw away the plan just yet

Although it's impossible to know exactly what will happen in the future, an effective strategic marketing plan should layout eventualities for even the roughest of times. These plans won't reap much if anything for at least 3 months so, even if you have to make emergency changes be mindful that you might not see the full effects of it for a short while as building trust and influencing behaviour takes time.

What you may not realise (until it’s too late) is that each time you sacrifice your marketing, you’re essentially resetting all the trust and work you’ve built, which in turn will cost you more money and time when you eventually have to get it back up and running again – which you will have to do if you want any form of success.

Instead, take advantage of the opportunity

Some would argue that there’s no better time to take advantage of the current confusion but by standing strong and proud and weathering the storm.

As your competitors take a step back and consolidate their business this is the perfect opportunity for you to put into action a new and improved strategy, that makes the most of the situation we all find ourselves in. With a marketing plan that serves the customers and has all the markers for success, the real test becomes how creative can you get in tough times and less about how many areas can you do without.

Next week's blog we will be focusing on how you can go about leveraging the current climate and utilising the opportunities present.

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