Marketing During A Crisis: Why You Shouldn’t Cut Your Budget Just Yet
As COVID-19 wreaks havoc on the global economy, many businesses are scrambling to keep operations afloat. The financial impact for organisations of all sizes is significant and costs have to be cut, but should marketing really be the first thing that you ditch?
At the end of March, Coca-Cola GB froze all British marketing activity in response to economic changes, with AirBnB also following suit by halting all marketing activities in a bid to save $800m a year. With both businesses known to spend millions, if not billions, of dollars globally on marketing and advertising, it’s no surprise that other businesses will follow suit and make the decision to cut back on external communications first.
Understandably, demand has dropped across a variety of industries. However things won’t always be this way and there is a light at the end of the tunnel. That’s why maintaining a brand presence is crucial to ensure you aren’t left behind.
Whether your sector is busier than ever or business is currently at a standstill, here are three reasons why you should consider continuing with a marketing strategy during a crisis.
Maintaining an income stream
Businesses have had to pivot now more than ever by offering online experiences, home delivery or through changing product offerings completely to ensure income revenues don’t plummet. We’ve seen restaurants offer home delivery in conjunction with taxi firms, manufacturers using existing facilities to aid the NHS and the education sector has had to pretty much move everything online.
As more businesses adapt and if your business is doing more during this time to make the most of a bad situation, now is the time to shout about it and make sure your brand is still getting noticed. For example internet usage during the day has increased across the world, so one way to continue to get your brand noticed is through digital marketing tactics such as PPC and paid social.
Competitive Advantage
As the economy slows down and budgets are cut, you and your competitors will likely be targeting a smaller number of potential clients, meaning it’s imperative that you stand out from the rest.
Catering marketing to more digital platforms and continuing to push external messaging out there is an ideal way to stay relevant and assure future customers that it’s business as usual. Even if you currently have a pause on things, it’ll ensure you’re front of mind when things go back to ‘normal’.
Audience loyalty
Brands spend a lot of time engaging and building loyalty with target audiences - it’s a key factor in ensuring that your business is chosen over another.
Understanding that the pain points of our audiences have likely changed and catering to these changes will go a long way in maintaining trust and ensuring you are still the go-to option in the marketplace.
At 360 OM, we can help you to achieve your digital marketing objectives with tangible returns on investment. Get in touch today by emailing info@360-om.co.uk for more information.
