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Why marketing in a recession?
Nonmarketers like business managers need to know marketing has benefits that extend beyond the sale and include:
- Brand awareness and reputation
- Consumer engagement and feedback
- Customer loyalty and insights
During recessions, businesses cut back on marketing investment, and sometimes it’s a necessity.
How to invest in marketing in a recession
All businesses must keep an eye on their expenses and cut costs during economic recessions.
Start with cutting back high-volume transactional advertising and building market share marketing strategies that keep customers loyal and close is one tactic that works during recessions.
Your business can dedicate time to engage with its communities on social media and website by creating and sharing relevant content from its blog. We’re all in the recession together, and customer engagement is sure to rise when a business reaches out with helpful tips to get through it.
Avoid dropping all your marketing to cut back on expenses in 2023. Peter Field says the past has valuable lessons for the future, and your marketing can continue to engage customers just in a different way.
1. Continue to have a voice
Avoid your business ending up out of sight, out of mind with customers. Your marketing can keep you relevant to your targeted audience.
2. Focus on social responsibility, humanity, and the environment
Show your business’s caring side. Now is the time to show your business cares about society and the environment. Get involved in fundraising and charitable causes and find other ways, like Instagram Collaborations for goodwill causes.
