5 MYTHS ABOUT MARKETING IN AN UNCERTAIN ECONOMY
Branding and marketing are synergistic. Even in times of economic uncertainty - such as the current downturn caused by the coronavirus outbreak - the image of a company allows it to ride out factors beyond its control. Marketing, in turn, reinforces this image. However, marketing activities are also affected by the perceptions of a company in response to external stimuli. Many of these perceptions are wrong.
“Our brand is strong enough not to need marketing for a while.”
Fact: Brands are like delicate houseplants – they need constant nurture and attention in order to grow. This means constantly reinforcing advertising, product promotion, and customer service support, or else the brand will wither.
“All of our competitors are pulling back advertising and media expenditures to save money, so we should, too.”
Fact: Despite being competitors, other companies are not the same as you. Being bold, and increasing presence and exposure will help your company stand out from the crowd.
“Nobody’s buying anything, advertising and promotions are a waste of money.”
Fact: Global studies have shown that those companies enterprising enough to increase marketing activity during a downturn stand a greater chance of taking the lion’s share of the market.
“We should examine what’s working for us, and cut out everything else.”
Fact: This is true in essence, however, not as a knee-jerk reaction to a short-term slump in sales. Good marketing departments should be doing exactly that on a perpetual basis, not just when times are tougher.
“If we cut back on marketing spending, we can use the money for other things internally, and increase the budget when things get better.”
Fact: If a company doesn’t maintain its efficiency at all times, in all areas of infrastructure, they will not be prepared when the economy takes an upturn. In addition, cutting marketing expenditure reflects poorly on a company’s brand, which will do far more long-term damage.
Marketing is always a key part of bolstering your company’s brand, no matter what the economic situation. Those that invest in consistent, high-quality marketing will always reap the long and short-term rewards of their forward-thinking approach. Don't get caught up in knee-jerk reactions to temporary economic uncertainty.
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About the author: Vincent is the Creative & Managing Director of Propel Marketing & Design, as well as acting as a Brand Advisor at various client companies. For over 30 years Vincent has been helping local and national companies across the UK achieve greater commercial success while minimising the cost of doing it. Vincent has been at the heart of design and marketing in Glasgow for 30 years and. Throughout that time, there’s not much he hasn't done or many industries he hasn't worked in. Now based in Hamilton, South Lanarkshire with Propel Marketing and Design he looks to continue to transform the fortunes of businesses through effective targetted marketing.
Get in touch with him on Linkedin here