What we can learn from these studies is that reducing advertising and marketing expenditure during a recession can have a detrimental impact on your brand’s long term performance. The numbers tell a clear story: do not cut. If anything, spend more (if you’re able to).
It is worth noting here that throwing money at a weak strategy won’t deliver results. While it is important to maintain your advertising/marketing spending, it’s also important to ensure that your content and the strategy behind it is strong. In other words, you need to ensure your content and marketing strategy will engage and target the right people, speaking to their interests and motivations and drawing them into your funnel.
Essentially, your content needs to be engaging and needs to stand out; you need to have a clear content and marketing strategy that will convert new leads to sales, being clear on who you’re targeting and how you will convince them to buy. You need beautiful content that delivers results.
At McGill Productions, we produce exactly that. We take time to get to know your brand; to understand your target audience and what motivates them; to develop clear content strategies and to produce content that is beautiful and that you are proud of; content that delivers real results. Click here to learn more about how we can help you and what we can do to drive those results during the upcoming recession.
The future is uncertain. COVID-19 has decimated economies across the world and has put almost every business into a tough position. Only those who stand up to that challenge and are aggressive with their response will survive.
Managing risk doesn’t mean avoiding it. Study after study has shown that reducing advertising expenditure, while a short term fix, can destroy your brand in the long run. To ensure long term growth and to reap the benefits of an economic downturn when the economy bounces back, business should take the risk to maintain their spending, or increase it (if they can). As the marketing adage goes: