Often when a brand’s finances are strained, the first thing cut is the marketing budget.
Economists have been issuing dire reports predicting a 2020 recession for some time now. With trade wars, yield curve inversion, slowing growth of the U.S. economy and general uncertainty about the future, some experts have predicted 2020 to be reminiscent of 2008. Now, however, economists are beginning to change their tune toward a more positive economic outlook for 2020, and as the Washington Post reports, a downturn is now looking less certain. The problem is that many businesses have already put cautionary spending plans in place for the coming year.
Often when a brand’s finances are strained, the first thing cut is the marketing budget. With a looming recession or any kind of uncertainty, corporate leadership often reverts to a way of thinking that positions sales as a money maker and marketing as the money spender. As a result, marketing budgets are slashed to save overhead and keep the company afloat. Though at surface level budgetary numbers may seem to support this idea, from a strategic perspective there is a strong argument for spending marketing dollars even when times are tough.
Here are several recession-proof marketing tips to utilize during economic uncertainty to ensure continued sales success today and ensuring a strong position ahead of the competition once things start to turn around. Go to the ColoradoBiz article.