We’re a creative agency and we know that we’re all living in uncertain times, following the winning Leave vote in the referendum, and with Brexit on the horizon, whatever form it eventually takes.
Uncertainty makes people cautious, especially with money. Customers reduce their spending, businesses have less, so they think about cutting costs. So what then to cut? Many companies choose to cut the marketing budget first. They see marketing as a discretionary expenditure, when in fact it should be understood as essential. Here are some reasons why.
Strengthen Your Reputation
What are you telling your customers about your business and what you represent, and how are you telling them? Cutting down on your communications can send out a very negative message. If your brand diminishes in the marketplace what impression will that leave in the minds of your customers? In times of uncertainty you need to keep your brand visible and bolster its strength.
If people are more inclined to shop around for deals because they are feeling cautious about spending, then now is not the time to reduce your visibility in the marketplace. Your customers on the lookout for deals, make sure they find you through your marketing.
Keep Moving Forwards
Optimism can be hard to maintain in uncertain times, but business depends on forward motion. For a company to grow it needs to generate new business, and advertising is a key way of doing this. You have to ensure that your name is still out there and if you cut back on your marketing, you are less likely to be able to do this.
You need to understand your markets, and if they appear to be shrinking you have to work harder to maintain your customer base. This is the thing about good marketing: it does a lot of this hard work for you.
Seize the Initiative
Every action can give rise to a reaction, and with uncertainty comes opportunity. You can take the initiative with your marketing to gain a competitive advantage. Be prepared, because investing in a downturn is a marketing fundamental – this is strategic, and it’s about staying ahead and winning a bigger share.
Business experiences cycles, but if you’ve kept up your marketing during a downturn, you’re better positioned to reap the benefits at the start of the recovery or upswing. You’re already ahead of the race, before the starting pistol sounds.
Reform Creative is a Manchester-based creative agency. We understand uncertainty but we also understand marketing and how it can work for businesses. If you’re considering how best to spend your marketing budget, talk to us first.