Marketing in a recession during economic downturns can be especially tricky and many clients react by putting all their spending on hold or pause until things improve – even if that means missing out altogether.
The problem with this strategy: it leaves your company sitting ducks while competitors swoop in like vultures, ready to take advantage of any weakness you may have had.
To succeed in a changing landscape, you need to be ready and willing to change with the times. That means rethinking your marketing strategies, so they are effective for today’s realities as well as tomorrow’s opportunities.
During an economic downturn or even a recession the challenges can seem daunting at first and you will ask yourself;
What if we put all our efforts on hold right now?
How will anyone know about this company without marketing!?
Nice to have or a must have
Unfortunately, many small to midsized b2b businesses think that marketing is a nice-to-have luxury and not a must-have component to their long-term success. When the economy is down, people may feel as though they have to tighten their belts and cut back what they see as unnecessary expenses. Thinking this is very short-sighted.