Why marketing will be your Champion

In today’s troubled and challenging times many businesses are being tempted to reduce the size of their marketing teams, reduce their marketing budget, and generally cost cut from a department which is often classed as ‘non-essential’. As we all batten down the hatches and prepare for the rough roads ahead, the pressure of carrying additional spend will be an enormous burden. However, if businesses cut their marketing dramatically, there is a bigger risk at state; and that is how will they remain relevant and present in the mind of their consumer as they navigate the choppy waters?

The dictionary defines marketing as;

“the action or business of promoting and selling products or services, including market research and advertising.”

Without active promotion through marketing, businesses risk being lost from their customers sphere of reference (remember, it takes between 6 and 8 touch points for a new customer to consider a brand), with only their loyalists fans remaining active. The bailout of the UK from COVID-19 has already cost more than £100bn, a number which is still rising, but as well as costing the country, it’s also costing people their jobs, and there stability. People will have less money to spend in the next few years, and even those who don’t will understandably be more cautions on spending. Therefore now is the time for businesses to fight for their customers and that fight is called Marketing. The active promotion of your business to attract spending from customers and clients.

So, is it time to reduce your marketing? No. But is it time to be more sensible about your approach to marketing? Probably. Now is the time to look back historically, what has worked? What saw your biggest return on investment? What are your competitors doing? Are they seeing an investment? What haven’t you done, and what haven’t your competitors done? And Why? Is there an opportunity there? These are the questions to begin to ask to make your money work harder; and this sort of an analysis shouldn’t be handed to an unseasoned marketer, it needs someone analytical to fully review the successes and failures and align them to the businesses priorities in the world we now find ourselves in and then make the call on what’s invested and where.

So my call to all businesses now is - don’t put aside marketing as a non-essential spend. Marketing is now, more than ever an essential tool in your armoury to keep your business going.