It seems that the COVID-19 pandemic has the entire world on edge. Business owners in particular are trying to figure out how to navigate this sudden economic downturn. You may have been forced to scale back operations or even shut your doors temporarily. That doesn’t mean you should forego marketing during this period. In fact, now is the perfect time to ramp up your marketing efforts – here’s why.
Information from the Advertising Specialty Institute reveals that one of the first things businesses cut back on during a recession is marketing and advertising. However, research dating to the 1920’s reveals that companies who continue to advertise will notice increased sales, both during and after the recession.
A few examples of this include:
Continuing to market while everyone else is retreating will provide you with some exceptional benefits. For example, if fewer people are advertising, then your business will naturally get more exposure. As a result, your marketing efforts will likely be more successful than ever.
There is a strong connection between brand awareness and sales. Consumers can’t purchase from you if they do not even know you exist. While everyone else is being quiet, your outspoken marketing efforts will ensure that more people will become aware of your products and services.
As with any other commodity, advertising prices are driven by the law of supply and demand. With fewer people wanting services, the cost of marketing will naturally decrease. As a result, you will notice an even greater return on your investment.
Marketing is always essential but is even more important during the pandemic. Here’s why:
Now is the time to be bold and not fearful. Several of the world’s biggest companies actually got their start during a recession. General Electric, IBM, and Microsoft all went from start-up to highly successful under less-than-favorable economic conditions. As such, it is entirely possible for you to keep your business going as well. Continue your marketing efforts, and chances are that your business will come back even stronger than ever.