Have the Courage to Keep Marketing During Tough Economic Times

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Today’s article is about having the courage to keep marketing during turbulent economic times and why you should keep your foot on the gas.

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Have the Courage to Keep Marketing During Tough Times

Let’s not split any hairs. It’s been a tough year.

From fundraising doors being shut and consumers tightening their wallets, the push for profitability among startups has never been stronger.

This, coupled with uncertainty for the future, is leading some brands to put all marketing on the back burner. I’m here to say that’s not the way forward. To grow, even in times of tribulation, it takes courage because the only way out of a storm is through it.

Now, this doesn’t mean you have to spend more, but you have to get creative. Below are seven reasons you need to keep marketing throughout uncertain economic times.

1. Brand Visibility: Never Fade Away

Consistency equals visibility on social media. It might seem like a lost cause to post on organic social when 5-10% of your followers see your update. But it’s not; because those who see your content are more likely your biggest fans. And by staying in front of them, you create a deeper bond with them and increase your chances of creating word-of-mouth referrals for your product.

2. Market Share: Your Competitors' Loss is Your Gain

Think of an economic downturn as a seesaw. When others retreat, it's an opportunity for you to march forward. A study from McGraw-Hill Research looked at 600 businesses and saw that companies that maintained or increased their ad spend during the 1981-1982 recession saw an average sales growth that surpassed those who made drastic cuts. Those same companies that continued to advertise saw sales 256% higher than those businesses that didn’t.

So when competition pulls their marketing spend/effort, it generates opportunity for your business.

3. Project Stability: Be the Beacon in the Storm

Consistency in your marketing communicates strength. It signals to your loyal customers and potential clients that despite the economic challenges, your business is still around, and things are okay. At a minimum, updating your social media accounts every few days, and making sure your website information is accurate.

4. Innovate and Adapt: Change is the Only Constant

Adversity breeds innovation. Economic downturns are an invitation to reevaluate, adapt, and innovate your marketing strategies. It’s the ideal time to tap into new marketing channels and refine your approach based on shifting consumer behaviors.

When times are good, predictable results are good. However, the only way to move past the predictable and get outsized results is through creativity.

5. Think Long-Term: Sow Now, Reap Later

Social media isn't just about immediate returns. The efforts you invest in today create ripples that will lead to benefits in the future. By keeping your social media engine running, you're setting up your company to grow when things turn around.

6. Capitalize on Cost-Efficiencies: More Value for Less

Here’s a silver lining: downturns can sometimes make marketing more affordable. With reduced demand, advertising costs can decrease, allowing you to stretch your marketing dollar further.

7. Deepen Connections: Be More than Just a Business

Times of adversity can be an opportunity to show empathy, care, and the human side of your business. Remember, your customers are going through the economic downturn with you. Extend kindness, and emphasize connection with your audience––customers will remember that.

I get that navigating through tough economic times requires tact, strategy, and a bit of bravery. While the instinct to pull back is natural, remember that opportunities often arise from challenges. By maintaining your marketing momentum, you're not only sustaining your current standing but also setting the stage for future growth and success.

With courage, move forward.

Cheers,
Jordan

P.S. If you want to connect on social media, where I share tips throughout the week, follow me on X (Twitter) or Linkedin.

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