In the realm of Business Marketing in Uncertain Times, one might wonder: should I stop my marketing strategies? The past few years has brought many challenges. Businesses closed, jobs were lost, and the world paused.

Henry Ford once said: “Stopping advertising to save money is like stopping your watch to save time.”

Due to these challenges, many businesses have had to reduce their costs, and often, the first budget to be cut when times are tough is marketing.

But, at times like this, especially as we are starting to see the light at the end of the tunnel with the roll out of the vaccine,  business marketing in uncertain times is an essential spend.

Power of Visibility in Business Marketing In Uncertain Times

In these uncertain times, the power of visibility in business marketing cannot be overstated. While being skilled in your trade is undoubtedly vital, if your audience remains unaware of your offerings, your efforts might go unnoticed.

This is where strategic marketing steps in to ensure that your business is in the limelight, even when the waters are choppy.

Amid turbulent times, visibility becomes not just an advantage but a lifeline for businesses.

A strong online presence, complemented by well-crafted marketing strategies, serves as a reassuring beacon for existing customers and an irresistible allure for potential ones.

Let’s delve deeper into why this visibility is so crucial. Consider it as your brand’s way of saying, “We’re still here, and we’re here for you.” It’s a testament to your resilience, adaptability, and unwavering commitment to delivering value to your audience.

In essence, the power of visibility isn’t just about being seen; it’s about sending a message of reliability and trustworthiness to a world that craves stability.

I mean it – There’s never been a better time to market your business. Now is the time to reach and engage with more members of your target audience than ever before. Here’s why and how…

1 – Doing business without marketing is like winking at a girl in the dark

You might know what you are doing, but no one else does! Sales and marketing drives business stability as well as business growth, and without it your business will sooner or later grind to a snails pace, or even a halt.

You need to be visible, and you need your target market to know that you are still open for business, even if you are operating differently.

Yes, the next few months are going to be a challenge for a lot of businesses, but short term reductions in marketing spend will reduce your visibility and your pipeline for the longer term.

It may not yield immediate results, but you will come out of it stronger in the future.

2 – Your competitors are probably not spending on marketing

As much as you are nervous about marketing spend – so are your competitors, and the best time for you to be spending on marketing is when your competitors are spending less.

This gives you opportunity to grab a piece of the market share. Both Google and Facebook Ads are cheaper per click than they have been in years!  So currently you can market your business for less.

So if you maintain your marketing spend right now, or even better, look at opportunities to increase your budget you will win. And when the economy opens up again in earnest, you will be absolutely ready and ten steps ahead of all of your competitors.

Everyone within your industry sector has been affected over the last few year, but if you continue to market and remain visible then you’re far more likely to be the business your prospects choose over them.

3. People Still Need to Buy (and some have more disposable income)

Your customers haven’t disappeared, their shopping habits may have changed, but they have not gone away.

People still need to buy food, new clothes, things for the house, and many are looking now to take a break here and there or go out for dinner.

Maybe the way they go about buying these products and services will change, as we have seen with the increase in virtual meetings and presentations, but the need is still present.

Whilst many people have been adversely affected others now have more disposable income having saved money on commuting, coffees and lunch at work and the other incidental costs associated with working in an office.

Now may be the time that they are considering that amazing holiday, massive wedding or home improvements – especially with the move to home working and the need to have a good place at home to work.

If you stop marketing your products and services there will always be someone else who is still marketing and they will be the ones who gain the customers (and potentially steal some of your customers, too).

4 – More people are spending more time online

Whilst we’ve all been at home, social media has been used more and more, many people turned to social media to keep in touch with friends and family.

This meant that they started engaging with social media content more and seeing the advantage of using platforms like LinkedIn to be in-front of potential customers. Now is such an important time to have a good social media footprint.

The boom in video continues to gain momentum with 75% of people watching videos every day, so now is the time for making sure you are using video to showcase your products, services, and to attract people to you.

Customers are looking for someone who is authentic and who they can trust, someone who is an authority and an expert. Video gives you the opportunity to do that – so use it.

Can we Learn from history?

History serves as a rich tapestry of lessons for businesses navigating uncertain waters. Take, for example, brands like Kellogg’s during the Great Depression or Pizza Hut during the 1990-1991 recession. What set them apart? Their unwavering commitment to marketing.

• During the great depression in America, Post cereal, the market leader, reduced its advertising budget whereas its rival Kellogg’s saw the opportunity and doubled its marketing spend – even introducing a new cereal called Rice Krispies! The result of this was that Kellogg’s profits grew by 30% and they became the cereal market leader.
• Research following the 1981–1982 recession, saw that companies who maintained or increased their ad spend grew their sales by 256% over three compared to those companies who cut back on their advertising.
• McDonalds in the 1990–1991 recession cut their spending, whereas Pizza Hut increased their advertising spend – the result? McDonald’s sales dipped by 28%, while Pizza Hut grew sales by 61%.

During these challenging periods, these brands continued to invest in marketing, demonstrating remarkable foresight. As a result, they not only weathered the storms, but emerged stronger than ever before.

By learning from the past, businesses today can draw inspiration and gather insights to guide their marketing strategies. It’s a testament to the enduring power of marketing, a beacon of hope in uncertain times.

Conclusion

In conclusion, the art of Business Marketing in Uncertain Times is a testament to adaptability and foresight. It’s about recognising that while there are many challenges, there are also opportunities.

Whilst you may be thinking that this is the time to cut your marketing budget, history shows us that maintaining your spend can increase sales and market share now and in the future.

It is those who remain agile now, continue to lead and maintain their marketing spend who are far more likely to come out of this stronger and be the winners.

If you need help working out the best way to get in front of your customers, book a free planning session with me HERE