Recession Fears? Don’t Cut Your Marketing Budget

In today’s topsy-turvy economic climate, many business owners are warily eyeing their bottom line while others are slashing marketing costs in an effort to stay afloat. Oftentimes, marketing expenses are first on that chopping block, and many marketing firms are getting the proverbial pink slip. However, drastically reducing or eliminating marketing budgets during an economic downturn can have a devastating impact on businesses in the long term. Hiring an affordable digital marketing firm like Triple7Marketing can help.

In the words of YouTuber Jay Baer, “Marketing is the only function in a business that brings in revenue. Every other function is a cost center.”

Truth. Marketing is indeed part and parcel of bringing in steady revenue. Brand awareness helps net new customers, and no sales-centric business could ever survive without generating new leads that eventually turn into signed deals. Just think: How can a customer buy your thingamajig without actually knowing it exists? 

Digital Marketing Solutions for Cash-Strapped Businesses

If it comes down to keeping the lights on or maintaining your marketing, there are creative ways to market products or services for a fraction of what a big-budget marketing plan would cost. For example, social media and email marketing with an affordable marketing firm like Triple7Marketing are cost-effective ways to reach a large audience without breaking the bank. Additionally, businesses can collaborate with other brands or influencers to reach new audiences. Content marketing, which involves creating valuable and informative content that attracts and engages customers, can be an effective way to build brand awareness and generate leads. 

Why Financially Healthy Businesses Should Maintain Marketing Budgets

For businesses in a fiscally healthier position, there is plenty of success to be had with maintaining or even increasing marketing budgets during economic downturns — and enterprises can reap rewards in the form of an enduring competitive edge. For example, during the 2008 financial crisis, Apple increased its advertising budget by 25%. As a result, the company saw an increase in sales and market share. During the COVID-19 pandemic, companies such as Amazon, Netflix, and Zoom increased their marketing budgets to meet the surge in demand for their products and services.

An affordable digital marketing firm like Triple7Marketing can also help businesses build stronger relationships with customers. During tough economic times, clients are more likely to stick with brands they know and trust. For example, during the COVID-19 pandemic, companies that communicated regularly with their customers about their safety measures and business operations were more likely to retain the loyalty of their customers.

Marketing also provides businesses with valuable insights into their customers’ needs and preferences. By analyzing data from marketing campaigns, companies can better understand their customers’ behaviors and preferences. This information can help businesses make informed decisions about product development, pricing, and other important business strategies.

Marketing is crucial to building brand awareness, generating new leads, and building strong relationships with customers. As author Seth Godin said, “Marketing is a contest for people’s attention. If you don’t have their attention, you don’t have anything.”

At Triple7Marketing, a boutique digital marketing firm in NYC, we understand that businesses are facing unprecedented times — and we have the solutions to help you maintain your visibility, connect with your customers, and elevate your brand above your competitors. Contact us to learn how we can customize a package to fit your budget and your business needs today!