Should You Cut Back on Marketing Costs?

The economic outlook continues to be uncertain. As we look toward 2024, should you cut back on your marketing? The short answer is no. Here’s why.

Studies show that long-term survival and higher revenue are possible when pushing forward with a marketing plan during a recession. There are several considerations to weigh as you work on your marketing plan for the coming year.

Lower Competition?

If your competitors cut their marketing budgets or even close up shop, this creates an opportunity to gain customers left behind. Even in a recession, people are spending money and having fewer competing businesses to choose from equates to a positive for you and your business.

Be the  Go-To When Customers Are Ready

We don’t know when the global economy will strengthen or our target customer will decide to buy. But, consistent marketing will make sure we are well positioned when either happens. You want them to remember your business when they are ready to spend.

Invest in the Future You Want

Looking at marketing as an investment in the future of your business is a good mindset to have, but especially during periods of economic downswings. Marketing can create immediate sales, but it also builds a foundation for future sales. Make sure your target customer never stops hearing your name or seeing your brand. Let them know you are here when they are ready.