Why an economic downturn might just be your brand’s chance to seize more market share
Andrew Raso shares his thoughts on why spending on marketing is necessary and how to get the most out of your marketing budget to emerge from the other side of an uncertain economic period stronger than ever.
With inflation at an historic annual increase — the highest in 21 years — and an inflation rate that hasn’t yet peaked, it’s natural that businesses are looking to ‘bunker down’ – survive an uncertain period and emerge from it on the other side in a good position.
It’s a task easier said than done. So how does a successful brand turn an uncertain period to their advantage?
While a brand’s first instinct might be to pull back on spending in every sector, taking a panicked or knee jerk approach to your marketing budget may end up doing you more harm than good. Not only that, but avoiding marketing spend during a period of economic downturn can mean missing the chance to capitalise on the disruption of business as usual.
And before you start throwing money at the problem in a wild spending spree, let me be clear. Investment in marketing during economic uncertainty is less about splashing cash, and more about choosing the right channels that will effectively target your core customers.
