We know that when times are tough, forgoing marketing is common. But the reality is that pausing marketing to save money does more harm than good.
A continuous digital marketing plan is crucial for business success. The digital landscape is dynamic, and consumer behavior evolves rapidly, so consistent marketing efforts allow businesses to adapt and stay relevant to their audience’s changing needs.
Staying visible in the online space builds brand recognition and trust over time. Regular engagement with the target audience helps nurture relationships, increasing customer loyalty and repeat business.
Ditching Your Digital Marketing Plan Doesn’t Work
Stopping marketing efforts is detrimental to a business. It can lead to a hard decline in brand visibility and ultimately result in losing potential customers to competitors who maintain an active online presence. Restarting marketing campaigns after a hiatus requires more time and resources to regain lost momentum.
Here are three reasons why you should always continue marketing your business, even when times are tough or uncertain.
Marketing Establishes Your Authority and Leadership
One of the benefits of marketing is that it helps you build your brand image and position yourself as an authority and a leader in your industry. You can demonstrate your expertise, credibility, and trustworthiness by creating and sharing valuable content that educates, informs, and entertains your target audience.
This is especially important in times of crisis or change, when customers may be looking for guidance, reassurance, and solutions. For example, during the COVID-19 pandemic, many businesses had to close their doors or adapt their operations to comply with health and safety regulations. Some companies disappeared from the radar, while others continued communicating with their customers and offering them meaningful and relevant content.
The latter approach helped maintain visibility, relationships, and reputation with audiences. It also showed that they cared about their customers’ needs and interests and listened and responded to their feedback. This is a great way to establish your authority and leadership in your industry and stand out from competitors who may be silent or irrelevant.
Marketing Generates Leads and Sales
Consistent marketing helps you generate leads and sales for your business. Marketing is about creating awareness, building trust, and persuading and influencing your potential customers to act. Whether signing up for your newsletter, downloading your ebook, requesting a quote, or buying your product or service, marketing can help you move your prospects along the buyer’s journey and convert them into loyal customers.
This is especially important during a recession or slowdown, when customers may be more cautious or selective about spending. In such situations, show them why they should choose you over your competitors and how you can add value to their lives or solve their problems. For example, during the 2008 financial crisis, many companies reduced their marketing spending while others maintained or increased it.
The latter approach helped them gain market share, increase sales revenue, and improve profitability. It also helped create a loyal customer base that would stick around even after the recession. This is a great way to generate leads and sales for your business and to grow your market share and revenue.
Marketing Fosters Innovation and Growth
Marketing can help you identify new opportunities, markets, products, and ways of doing things. You also get the chance to test new ideas, get customer feedback, learn from failures, and improve your offerings.
This is especially important during disruption or transformation, when customers may seek new solutions, experiences, or ways of living. In such situations, be agile, flexible, and creative to meet their changing needs and expectations. Many businesses have to pivot their business models, launch new products or services, or adopt new technologies or channels during economic change.
Staying the course with marketing helps businesses survive and thrive, satisfy their customers’ needs and wants, and create a competitive advantage in the market. It also helps them prepare for the future by developing new capabilities, new partnerships, and new sources of income. This is a great way to foster innovation and growth for your business and to adapt to any changing environment.
How to Market Effectively in Different Situations
As you can see, marketing is essential for success, no matter what the situation or context may be. However, this means that marketing may look different depending on the economy or times of turbulence. Depending on the circumstances, you may need to adjust your marketing strategy, tactics, or budget to suit the context.
Here are some tips on how to market effectively in different situations:
- In times of crisis or change: Focus on communicating clearly, frequently, and empathetically with your audience. Provide them with useful information, guidance, and support. Show them how you are coping with the situation, how you are helping others cope with it, and how you can help them cope with it too.
- In times of recession or slowdown: Focus on demonstrating value proposition, differentiation, and customer satisfaction. Provide your audience with incentives, discounts, and guarantees. Show them how you can save them money, time, or hassle, and deliver quality, reliability, and convenience.
- In times of disruption or transformation: Focus on innovating, experimenting, and learning from your audience. Provide new solutions, experiences, and ways of living. Show them how you can solve their problems, fulfill their desires, and improve their lives.
A Full Service Digital Marketing Agency that Never Hits the Pause Button
Marketing is a non-stop process that needs consistent momentum, but you need a partner to take the lead. SPARK Business Works is a full service digital marketing agency and custom software development company that can help you create and execute practical solutions that increase efficiency and deliver ROI. When you need a full-service marketing strategy, SPARK has the expertise and experience to make it happen. Contact us today to see how we can help your business grow and thrive, no matter the circumstances.