With warnings of economic downturn echoing across every news outlet, it’s hard to resist the urge to slash costs and lay low until brighter days. But be careful about where you trim your budgets. It’s easy to think of marketing efforts as extraneous, instead of crucial business functions—but time and time again we have seen that organizations who stick to their marketing plans throughout economic downturns rebound faster than those who pull back.
The recession we’re facing will undoubtedly differ from all the ones before it, but there’s a lot we can learn by looking at the past. A common example comes from the 1990 recession: McDonald’s cut marketing while Pizza Hut and Taco Bell continued their efforts, resulting in a 28% sales decline for McDonald’s and an increase of 61% for Pizza Hut and 40% for Taco Bell. The silence of McDonald’s created an opening for messaging from others to be more visible, and the same could happen for you when organizations in your space pull back. Staying top of mind and building brand awareness are key to future success.
Just being visible is not enough, though. A shift in messaging could make your efforts go even further. When everyone’s cutting their budgets, instead of focusing on sales, prioritize connecting with your audience by highlighting humanity, compassion, and authenticity. These attributes (which are shown especially well in a video format) will resonate more with your audience during difficult times. When everything feels uncertain, be something your audience can trust. Investing in a long-term, relationship-based marketing strategy will ensure your target market turns to you when they’re ready to spend.
Of course, it’s likely that something will have to give. We suggest starting with a plan to get the most out of your marketing budget by working with a trusted video production partner to ensure you’re maximizing the value of your projects and finding creative ways to leverage existing video content.
Keep your heads up and your eyes on the future—consistency is key! By investing in and sticking to a solid marketing plan, you’re setting yourself up for success on the other side.