Can you afford to keep advertising?

Can you afford to stop?

The old saying is that ‘marketing is always the first to go’ - let us explain why that would be a mistake.

We’ve been warned as a country that there’s a tough year ahead, with a recession looming. Which will likely mean consumers reduce spending and in turn businesses might see a decline in sales that leads to cutting costs and pausing growth plans.

Making a short term decision will undoubtedly impact long term performance. We’ve seen recession before (well some of us have!) and we’ll see it again. Once the economy has recovered, you don’t want to be the ‘forgotten’ brand after turning off your activity. While recovery can be possible, it will require even more investment than before the recession, and several months of patience.

Our suggestion? Of course it’s to hold the line on marketing. Advertising, regardless of your brand’s size, puts you in front of your customer, and a brand with high customer recall is more likely to see a purchase result. Create memorable advertising and dial up your unique difference (if you’re stuck on what this is, Tailored can help).

Consider also, that you hold your position, and your competitors halt their efforts. That instantly gives you an even better opportunity to take their market share.

send the right message
Consider your customer’s mindset and craft sensitive messages.

maximise customer loyalty
If you haven’t already, consider implementing a simple program that rewards your customer and gives them another reason to support your brand (think reciprocity). Treat them on their birthday, offer exclusive access to newness, referral rewards and incentives like a gift with purchase.

think critically, not reactively
Growth can happen in the toughest of times (think Kleenex during Covid), so stay agile and talk to us if you need help.