Cutting Down Marketing Budgets and COVID-19
While some advertisers are cutting down their marketing budget due to the COVID-19 pandemic, it might not be the smart thing to do right now. The Coronavirus outbreak has shocked the whole world, adversely impacting revenues and thus, the marketing strategies and spends too. As a marketer, you may be conflicted on how to deal with the current situation. So, here is why you should be upping your marketing budget rather than cut it down.
THINK LONG TERM!
A worldwide economic downturn actually provides an excellent opportunity for YOU to grow your brand’s market share. Most businesses are doing their best to survive, and marketing is a vital part of your recovery, not only during this period but also beyond it. The estimated effects of the current situation are equally relevant for both small and large businesses, which may lead to some of your competitors starting off from scratch after the recession if they didn’t plan this right and think long term. This is why prioritizing your marketing budget to tweak your campaigns and/or create new ones in response to the pandemic will help you sustain momentum and grow sales faster, easier and more efficiently as soon as this is all over.
No matter what industry you are in. No matter which business model you are following, you should ALWAYS strive to stay relevant and acknowledge ongoing events as you continue to engage with your audience. Going MIA during a period when people, in fact, need a sense of reassurance and solidarity is not the best reflection of your brand’s social responsibility and personality. It would also severely affect your brand recall since you won’t be consistent enough with your social media presence and messaging. That’s why sacrificing your marketing budgets at a time when you need to engage your target audience more than ever; Just. Doesn’t. Make Sense.
Now let’s talk execution, is this the right time to take additional risks and try new things?
No, you should develop your marketing plan based on previous outcomes, experience and critical strategic thinking. Take another look at your target audience, update your short term key messaging, reallocate budgets across efficient and relevant platforms for your business right now and ultimately, (which is key, in my humble opinion) optimize. Always keep an eye on your engagement levels and take note of what’s working for you and what’s not; this will help you figure out your next steps and plan smart.
In conclusion, this period could be a significant turning point for your brand. While businesses are all battling on multiple fronts, a key aspect that will help you rise through the ranks again when this is over is your marketing; Think Long Term, Stay Relevant, and Plan Smart.