When uncertainty arises, businesses have a tendency to put a halt to all non-essential expenditures, and focus on staying afloat. Marketing often falls under this umbrella, and many brands slash ad spend and marketing budget in times of recession. But studies – and recently, real-life examples – demonstrate that recession can paradoxically be ripe with opportunities for brands to stand out in a less crowded marketplace.
Many businesses see global uncertainty as a threat, and as a result they tend to retreat, opting to play it safe and dial down marketing efforts. This means that there’s less noise around – and more opportunity for your brand to make itself heard. You can own a bigger chunk of the media space, but for the same price. If you’re in a saturated industry, now is the perfect time to get everybody talking about your brand, and own a much larger chunk of the media space than you’d otherwise be able to.
Additionally, with everybody glued to their screens, content has taken on a whole new importance this year. Take this opportunity to put out top quality branded content that builds trust with your audience, showcases your business in an accessible way, and transmits key messages easily and effectively. It’s also important to remember that no recession lasts forever, and if you cut your marketing budget, you’ll struggle to remain memorable. Times of struggle provide an opportunity to create content that stays in your audience’s minds: be sure to reflect the challenges that consumers face, inject emotion into your messaging, and show solidarity with your customers.
Procter and Gamble is just one of the companies that has chosen to increase its marketing spend during the pandemic. In Q3 of 2020, P&G increased marketing spend by over $100 million, sharing a timely core message that consumers should spend more on their hygiene and health. Similarly, while L’Oreal chose to press pause on marketing launches earlier this year, in Q3 they moved forward with their plans and strengthened media investments.
While it might seem counterintuitive, your business can choose to see times of global uncertainty as opportunities to grab your audience’s attention. As Harvard Business Review points out, “firms who are willing to be what customers need in a recession get to keep many of the new customers they get — and cement the loyalty of those they already had.”
If you’d like to know more about how Nucco Brain can help your business maximise its marketing investment, get in touch here.