Don’t Stop Marketing
Date posted: 17 Apr 2020
Posted by: Andy Kinsey
Post category: Insights
If you’re not familiar with Mark Ritson, it’s worth reading his column in Marketing Week – the guy is a marketing professor and teaches marketing at MBA level all over the world. His stuff makes a huge amount of sense.
He is a very vocal believer in the benefits of marketing in a recession, and champions a lot of evidence based theories that back it up. Recently in one of his seminars, he mentioned that his friend had called him up to tell him to stop telling the marketing world about this subject. Why? He didn’t want his competitors to know!!
It’s quite simple really, keeping your brand alive with marketing during a recession can give you competitive advantage in your market – particularly when other players dial down their spends. This competitive advantage really comes to fruition (realisable through sales) when the recession ends and everything returns to normal.
And, there is no better time to test this hypothesis than right now – most broadcast media channels are as cheap as they’ll ever be. There is an oversupply of audiences, and an under supply of advertising spend – so in simple economics, price goes down – and it is down, significantly. Right now, you might get double or even treble what your advertising budget would’ve got you 3 months ago.
There’s always a million reasons not to of course. Consumers aren’t buying, my product doesn’t suit this market, spending budget on marketing is not right for company image right now etc. Just remember – your competitors are dismissing it for the very same reasons!
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