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CEO and cofounder of Wistia.
getty
During an economic slowdown, it might not make sense—or even be possible—to keep your marketing program exactly as it’s been. However, companies are often tempted to dramatically reduce their marketing budgets or even pause their efforts completely instead of taking a step back to reassess how best to ride out the tough times. Luckily, marketers in the difficult position of advocating for their programs and funds have plenty of talking points to raise in their defense.
Let’s take a look at some of the benefits of maintaining your marketing efforts in a slow economy, as well as some tactical tips for doing so.
Play the long game.
Making slapdash cuts to your marketing program can decrease costs today, but how will it impact your business tomorrow? While some reductions may be unavoidable in order to make ends meet in the short term, it’s important to keep one eye on the future to avoid long-term consequences. Remember that the economy will eventually recover, and when it does, the companies that found strategic ways to do more with less will be in a much better position than those who drastically pulled back on the reins and are forced to rebuild from the ground up.
Keeping your marketing program as strong as possible not only gives you a headstart when the economy reboots but also gives you more room to play in the interim. In slow economies, there’s less competition in the marketing arena, giving you the chance to stand out and earn a larger share of the voice. Keep enough budget on hand to chase opportunities that others won’t during these times to get in front of new and existing audiences. As long as there’s demand for your product, make a move when others aren’t sure what move to make.
Align your priorities with the times.
If adjustments to your program are necessary, get crystal clear on top priorities so you don’t make any changes that will put a damper on big-picture goals. For example, if…
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