Inflation. Inflation. Inflation.
It’s a hot topic at the moment, and for good reason.
With the UK currently on its way into a recession, people are worried.
They’re worried about their businesses, they’re worried about their bills, and they’re worried about what they’re spending.
All that worry is leading some businesses to make the big mistake of cutting their marketing budget. But, at a time like this, that could have a devastating impact on your revenue, and your business as a whole.
This blog post covers the dangers of pulling your marketing budget in a recession, and why focusing on investment won’t just help you survive the recession but actually grow and thrive in it!
Soaring bills and falling revenue
Bills are going through the roof. Energy, fuel, rent, wages, food; it’s all going up.
As a result, your customers will understandably be holding their purse strings a bit tighter and rethinking some of their current investments and projects.
That means you could see a loss of clients, and therefore revenue, while your bills are skyrocketing.
If you’ve got less money coming in and more money going out, cutting your marketing budget, the life blood of your marketing strategy, will be a recipe for disaster.
To keep a strong flow of revenue coming in, you need to be actively trying to bring in new leads and projects, and that requires investment.
Investment is key for growth
Don’t think of your marketing budget as a cost that you can eliminate, think of it as an investment.
You need to promote your business as much possible at a time like this, and you’ll find that very challenging if you’re not investing in your marketing.
Of course, during a recession, you really need to be careful with your budget and invest it wisely. Which is why you need a killer marketing strategy in place.
Create a strong marketing plan
To ensure you’re making the most of your marketing budget and preventing easily avoidable mistakes, you need to put a proper plan in place.
Start by creating a concrete idea of who you want to reach, what you want to achieve, and how you’re going to do it.
Ask yourself questions like:
- What does my marketing budget look like?
- What channels am I going to invest in?
- Are my ideal customers reachable through this channel?
- What kind of message will resonate with them?
- What will I need to make this successful?
- Will I need to bring in help from an external agency?
- Can I do this all within my budget?
Take your time and plan for as many aspects as you can for your campaigns, and never rush to get something launched if it isn’t ready.
In need of a helping hand?
If you need advice on how to formulate your marketing plan or want to hire a Growth Marketing Agency to support and drive your business growth strategy, then you’re in the right place!
Damteq specialises in incredibly personal and intelligent digital marketing campaigns that get you in front of the right people, humanise your brand, and helps you smash your business growth goals!
Get in touch with one of our Digital & Growth Specialists on 01329 565001 or drop an email to projects@damteq.co.uk to discuss your project in detail.
