There were some signals of a downturn coming but nobody expected a global pandemic and crisis of the scale we’re experiencing right now in the second quarter of 2020. Businesses from all industries have found themselves in an unprecedented situation — a situation that no one could have foreseen or planned for. The best contingency plans did not predict a crisis of this magnitude.
One of the first reactions during a crisis is to cut costs; and that’s often a very good approach. But, as with anything else, cost-cutting has to be strategic and put in a bigger context. After all, you don’t want to saw off the branch you’re sitting on, right?
So it begs the question – should I or should I not invest in marketing during this crisis? It depends on your situation and you’ll need to make the decision yourself; but here are several considerations you should take into account:
If you’re in a position to invest, now is a very good time to keep your marketing focused on getting new business. Keep in mind that you might not close the new leads right away, but the pipeline you’re building now will pay off in the long run. Your marketing efforts will be the cheapest now and your ability to stay top of mind for your clients will go a long way when things go back to normal. Your clients focus on two important aspects when making purchase decisions: price and trust. If you keep building your brand – and your clients’ trust in you – right now, your marketing efforts will bring the expected return later.
Mike Koziol, Head of Delivery at Brand Central Marketing, is a former corporate shark working with Ernst & Young, Deloitte, Johnson & Johnson, Novartis, to name just a few. He has a geeky side of his personality and loves to drive strategy and oversee delivery for our clients. Mike will build your strategy and will work with the team to have it delivered. He can occasionally geek out on Facebook ads (when Charlotte allows him to), be a smartass with processes (when Shanda is not looking), and click some buttons on the backend to build you a funnel. Mike loves the strategy side of the business, and he helps companies get clear on what it is that will move the needle.