In a time when many people fear recession, it may seem odd to suggest to companies to spend money on marketing. However, it is during this downturn in the economy that this is actually one of the most important areas to spend your money.
Some say that a down economy is the time to cut the marketing and advertising budget and use the funds in other divisons of the company. However, if history tells us anything; once a budget gets cut and the money is allocated somewhere else, it will more than likely stay in that other department. They are going to prove that they need the money and the marketing department is going to have to re-prove ROI, etc to get back to the original amount.
Marketing your Brand
Another myth that some companies have is that they are strong enough and their brand is strong enough to survive the downturn in the economy without doing any marketing or advertising. This is simply not true. There is not one single company that could survive without advertising or promotion of some sort. One should always remember the old adage “Out of Sight, Out of Mind.”
These companies will really feel the effects of this when the economy starts to improve and their marketing departments are scrambling to play catch-up.
The final point we will give, and one that companies need to keep in the forefront of their thoughts, is that just because nobody is buying anything right now, doesn’t mean that they aren’t going to in the future. You have to put into your mind that during this time, the sales process is just a little bit longer than it used to be; therefore, companies need to stay in front of the consumer at all times. Those companies that are not afraid to keep marketing during this time, will find that they will swallow their competition and dominate their market in the long run.