Should You Cut Your Marketing Budget During the 2023 Recession?
“Stopping advertising to save money is like stopping a watch to save time.”
Henry Ford supposedly said that, and it turns out it’s just as relevant (if not more so) nowadays as it was last century.
It’s no secret that we’re heading towards a recession. Between the pandemic and the Ukraine war, the economy has taken a fair bit of a beating over the past few years, and businesses and citizens alike have certainly felt the impact.
As such, it’s fairly likely that most businesses will undergo a few budget reviews and cuts over the coming months. Thus raises the question: do you prioritise marketing and advertising in times like these?
In short, yes.
Over the past ten years or so, the world of marketing has seen one of the biggest transformations in history with the rise of social media. There’s never been a more effective, targeted, community-led way for businesses to promote their products to the people who need them most.
The reach of social media is indisputably gargantuan, with 4.9 billion (yep - BILLION) global users as of 2023. The growth of platforms such as TikTok has inspired many said users to spend hours at a time online (TikTok users reportedly spend an average of 95 minutes per day on the app), undoubtedly consuming hundreds of advertisements and marketing content in the process.
But marketing on social media isn’t only a game changer in terms of reach. It has also allowed brands to connect with consumers on a personal level that we’ve never seen before. It’s also much more targeted than traditional marketing techniques, and allows companies to create a much more recognisable branding identity.
History has shown us on multiple occasions that recessions are often the best, most prosperous time for companies to make money. Now’s not the time to slash your marketing budget in half.
If you want to learn how to harness the power of social media to create actual, tangible results and see a remarkable ROI, feel free to reach out for a chat.