Marketing is often a misunderstood field. With many business professionals outside of the marketing realm confused on what exactly marketing entails and what it can do for a business, marketing tends to be the first thing cut out of the budget when times of uncertainty hit. However, the problem with this is that study after study has found that marketing is even more important to a business’s success when times are tough, not less. This notion rings true because marketing is what brings in customers and what bridges a company’s products and services to their customers. Find our top reasons below on why your business should not cut its marketing budget during this time of uncertainty:
Marketing Drives Long-Term Success
It has been said, “If sales are your problem today, marketing was your problem 12 months ago.”
The purpose of marketing is to build relationships between a brand and its customers; like any relationship, it takes time to grow and cultivate that connection. The idea of marketing is to generate brand recognition so that when it comes time for a customer to buy, whether it be today or three years from now, they will recognize your brand and purchase your product over other competitors.
However, the problem with this is when it is time to tighten budgets, executives have a hard time thinking long-term, and they want to cut out whatever will not bring immediate benefits. Marketing drives long-term success in bringing customers in and purchasing products, which in turn raises overall revenue. So, don’t cut out marketing now and wonder where all your customers went six months later.
Marketing is More Effective During Rough Times
There has been a lot of evidence that has proven it to be more beneficial to increase spending in marketing during times of economic downturn, not less. This is because the market is often less saturated during rough financial periods. For example, many companies are cutting back on spending, and most cut back on marketing. Companies that increase marketing during hard times earn a greater market share and have to compete with less voices in the market, meaning that audiences are more likely to absorb your business’s message. Now, more than ever, is a great time to increase your marketing strategies and effectively bring awareness to your business.
Attract New Customers
Marketing not only builds relationships with long-term loyal customers, it also gets the word out about your business to new customers. It is important for businesses to continue to grow their business in order to be successful, and it is important especially during times of uncertainty.
Now, while rough times might call for budget cuts in a few areas, it is important to not cut marketing out completely. Marketing is worth investing in because it pays off in the long-term and your success with customers down the line depend on your marketing efforts right now.
If you are interested in learning how to enhance your customer relationships and grow your brand, please contact Mantooth Marketing Company today! We would be happy to give you a complimentary community, marketing, or digital audit. Email firstname.lastname@example.org to get started!