The long-term benefits of staying visible during tough economic times

During an economic downturn, many businesses are probably assessing which budget to cut, and rightly so, it’s a difficult time for many industries.

You only have to pay attention to the news to see businesses sharing how hard it is at the moment.

Tough times.

⭐But hear me out, cutting the marketing and social media budget might seem like the best option right now, but I disagree.⭐

During a financial crisis, the companies that remain visible are the ones that will come to mind when the market picks up again. Keeping that channel of two way conversation open when times are rough, means you have that direct line to support your ideal client, even if they can’t spent with you.

The iPhone 3GS and MacBook Air… they both came out of the 2008-2009 economic downturn. This is thanks to Apple's commitment to investing in marketing and product development even in difficult economic times. Despite the economic climate, Apple continued to promote and develop their products with innovative features, such as the iPhone 3GS and MacBook Air. Through these efforts, Apple increased its market share and became one of the most successful and valuable companies in the world, even during a period of economic recession. Granted, their budgets are higher than most, but they would have needed to be cautious, and this is what they invested in.

And looking further back, we can see its not an isolated trend.

Chevrolet is a brand that did well during the Great Depression in the late 1920s and early 1930s. To attract consumers who were looking for affordable options during tough times, Chevrolet advertised their cars as being both reliable and affordable. They offered a six-cylinder engine for the same price as many competitors' four-cylinder models, which appealed to budget-conscious consumers. As a result, Chevrolet was able to maintain its market share during the Great Depression. They may not have had social media or marketing in the way we have available now, but they still have budgets, stakeholders, and a market share to protect.

Remaining visible during hard times and coming out the other side as the brand that people know isn’t a new concept. Amazon, McDonald’s, Procer & Gamble, Camel Cigarettes…. the pattern is there.

If we look.

And thinking about your company particularly… when your ideal client has the budget again, are they going to spend it with you, or the company that they heard from, and kept up to date with, during that economic slowdown?

Of course, be savvy.

⭐Check your ad spend: Does it need to be adjusted?

⭐Analyze the data: See the ads are converting, what are you paying per click?

⭐Automation: Are there automations that can help speed up some processes?

⭐Focus on high-performing channels: Review which channels are driving the most conversions and engagement, and focus on those channels while reducing spend on lower-performing channels.

⭐Reduce frequency: Rather than cutting your entire marketing budget, reduce the frequency of your campaigns to save costs while still maintaining a presence in the market.

⭐AI: Can it help? For example, AI helped me find other examples alongside the Apple example that I knew about. It sped up the research process.

To give you some tangible examples of how companies can approach this period of uncertainty:

My clients are continuing our services. They’ve chosen to keep that vital connection with their audience.

One client has just finished launching one of their courses that they offer, and we shared all about it on Facebook and Instagram. Their accounts have had steady growth for the last 3 years that we’ve managed them, and Sheldon has been on hand to manage the inboxes so that warm leads aren’t missed.

In the last month alone we’ve helped launch a brand new company energy, and are getting leads in already. We have only chosen 2 marketing channels, focusing in on where we think we’ll get the best return. That digital footprint can happen now, despite the climate.

What I’m saying is, look at your spending and be mindful…. (You don’t get to be CEO and not have a clue about spends!)

…but don’t cut it all together. At least without exploring all your options.

So if you’re feeling the pinch during this economic downturn, I totally get that tough decisions need to be made. But before you cut your marketing and social media budgets, think about the long-term benefits of staying visible and maintaining that two-way conversation with your ideal clients.

Remember, the companies that remain top-of-mind during tough times are the ones that will come out on top when the market picks up again. So, be savvy with your spending, but don't cut off that vital connection to your audience.