Why Marketing Spend Ultimately Equals Market Growth
It’s no surprise that we witnessed companies across the UK tightening their belts in 2020. The business landscape for many sectors in Q1 and Q2 of 2020 was very uncertain and companies were trying to navigate themselves through an economic storm, blindfolded.
We saw businesses closing left right and centre, Brits finding themselves out of work and when it came to looking at increasing marketing spend for many, it was a no-go.
However, amongst the economic doom and gloom of the past year, what we have seen is businesses across all sectors emerging out of financial worry and looking forward to a prosperous future, with all these companies having something in common. They have taken on a huge mindset shift, deviating from the more traditional marketing channels to online and digital communication tactics adapting to the current climate of the working world.
Those businesses that have thrived through 2020 and adapted to this shift in ‘the new normal’ have released their belts a hole or two and embraced the change, looking ahead of 2021 and beyond where this trend is likely to continue.
Let’s face it, we’re not out of the woods yet. We still have a way to go before “normal” returns (if it ever does), but in the meantime, marketing and digital communication is making things previously believed to be impossible not only possible, but commonplace.
Companies that have traditionally bounced back most strongly from previous recessions usually did not cut their marketing spend and in many cases, actually increased it. But they did change what they were spending their marketing budget on and marketing isn’t just for the big guys, it’s for the little guys too!
Below are four key things to consider when looking at your marketing spend during economic uncertainty and remember the answer is don’t stop spending, just change the way you spend it.
Adapting to behavioural change
Marketing will allow you to adapt to this shift. Ensuring that you understand your customers, how their attitudes may have changed and how your product still meet their needs will ensure that you stay front and centre as the right company for them.
Keep the conversation going
Drip feeding information to your existing customers will help to strengthen the relationship. Loyal customers are usually the primary source of cash flow and organic growth. Even if you’ve had to physically close your doors for the time being due to restrictions, marketing communications means that customers can continue to access your products or services.
Increasing your visibility
Marketing is a fantastic way to engage with potential customers through brand awareness. Maintaining visibility in your market is essential for longevity and success.
Access to cash
Marketing is for the many and not the few. Access to business grants and funding is widely available across the North East and the rest of the UK and this could be the leg-up that you need to get your business off the ground.
If you would like to find out how marketing can support your business, then please contact firstname.lastname@example.org.
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