Two Truths and a Lie: Marketing in a Recession Edition
Updated: Sep 9, 2022
Nowadays, watching the news is like playing a game of two truths and a lie. For every two pieces of real news, there is always one bit of information that can be a little deceiving. For instance, you, a business owner, are worried about the current economic climate and what this means for your business (truth). You are questioning where to put your money and where to cut back (another truth). Because of this recession, marketing should be considered the least important and the first thing to go (lie!).
During this time, it’s important for organizations to save and raise money, but you don’t have to sacrifice an integral part of your brand to do so. In this article, we will unwrap two truths and one common lie about investing in marketing during a recession, so your business can succeed amid uncertain times.
Building up your brand during this recession is more important than ever (truth)
The economy is much different from what it was during the last recession. For one, the pandemic was the leading cause of this recession, whereas, for the 2008 recession, it was because of financial problems within the government. But the most important difference is that the economy has switched to a digital economy, impacting consumer behavior. Consumers are more likely to invest in a company with a positive digital presence. This means less time spent on traditional marketing—which can be costly and at times ineffective—and improving your online presence. However, that doesn’t happen all at once. Take advantage of these times, and start to build up your presence to attract potential customers.
Not sure where to start? Check out our article on How You Can Easily Up Your Social Media Game
Making marketing effective during a recession is vital to a business (truth)
The above statement is probably something business owners have heard many times before, but it has never rung so true during an economic crisis. During a recession, the cost of things increases while buyers spend less. As a result, more competitors face financial hardships, withdraw from previous marketing projects, and are no longer visible. This is a great chance for your business to increase its visibility using marketing. Planning out an effective marketing campaign to convince consumers that your business is the right business to spend their money on is more important than ever as more companies are making the mistake of reducing their marketing budget. In a tough economic climate, you shouldn’t wait for opportunities to come to you—create them.
Marketing can be expensive (lie)
Along with a tough economic environment, companies are losing out on great talent due to the Great Resignation. This means that not only do business owners face financial constraints, but they also don’t have enough skilled in-house talent to keep them going. As a result, many companies look at marketing as an expensive burden.
The solution? Outsource your marketing.
Digital marketing agencies can:
Create tailor-made marketing strategies to stand out amongst your competitors
Bring your brand together
Offer a variety of services such as content writing, web design, social media management, and more
Not only do you have a team of dedicated professionals to help build your brand, but it is also much more cost-effective. Having an in-house team requires a yearly salary for each employee for a specific position (one person as a graphic designer, one as a social media manager, etc.) as well as benefits. But with outsourcing, you get all these positions within one team for a monthly fee, which can greatly reduce your expenses.
Learn More About The Benefits of Outsourcing
Do you need help aligning all aspects of your business so your message is clear, concise, creative, and speaks to your ideal customer? If you answered YES, book an introductory consultation to learn how we can help you! We will speak with you to learn about your business goals and needs during this free call. Should you choose to work with us, we promise to save you time and any frustration that can come along with having a business.
Some of our services include:
Social Media Management
Copy & Content Writing
Your success is our passion. Evoke your brand.