Doing Business In Uncertain Times – Why You Should Be Investing More, Not Less, In Marketing
Things are tough for many companies at the moment, due to the coronavirus pandemic. When money is tight, marketing budgets are often the first to be cut, but in uncertain times you could actually benefit from spending more on promoting your brand, not less.
Here are five reasons why increasing your marketing efforts now is the best decision you could make this year.
1) Losing Momentum Can Be Costly
Successful marketing strategies rely on a snowball effect. By promoting your company on an ongoing basis, you’ll attract a steady stream of leads and sales, so your business will gradually grow. Therefore, putting your marketing efforts on hold could have disastrous results.
Halting your search engine optimisation activities, for example, could mean that your website loses its position in the search engine results pages (SERPs). That means that people searching for terms relating to your business will be less likely to find your site, resulting in lost leads and sales.
Similarly, pausing your email marketing campaigns could mean you miss the opportunity to convert your prospects into customers.
2) It’s The Perfect Time To Take Stock
If business is slow, you may have more time to review your current strategies to assess what’s working and what isn’t. Creating a new marketing plan or tweaking your current methods could enable you to start off on the right foot when things get back to normal.
It’s worth hiring a professional marketing agency to help you produce a comprehensive and effective strategy.
3) Maintaining A Presence Can Build Trust
Consumers prefer to buy from companies they know are reliable and financially secure. If you suddenly stop advertising, blogging, or updating your social media feeds, they may suspect that you’re struggling to survive, or have gone out of business.
Continuing as usual or increasing your activities will provide potential and existing customers with the reassurance they need.
4) You Could Increase Your Market Share
If your competitors reduce their marketing spend, your efforts are more likely to stand out, giving you an edge when it comes to attracting clients. For instance, social media usage is growing because people are stuck indoors.
This provides savvy business owners whose messages would usually blend in with all the online noise with an opportunity to generate more leads – by focusing strategically on social media marketing and advertising.
5) It Could Be A Cost-Effective Choice
If there’s less demand for marketing services, the cost of promoting your business could be lower than usual so that you could get an outstanding deal. That means that you’ll be able to reduce your acquisition costs, giving you higher profits for each sale that you make.
The right approach depends on a strategic assessment of your company’s circumstances, but if you’re in a position to increase your marketing activities, it will pay dividends in the long term.
To discuss your options and learn how we can help you weather the storm – and to thrive during the pandemic, contact us today.
Our inbound marketing experts can work with you to reassess your strategy and formulate a hard-hitting action plan.
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