In response to a recession or pandemic such as COVID-19, businesses worldwide have taken a “hunker down” approach by cutting back on their expenses. That includes advertising and marketing efforts, as was seen in the last recession of 2008 when US ad spending dropped by 13 percent.
However, as counter-intuitive as it sounds, studies have shown that there are many reasons why you should maintain – if not increase – your marketing and advertising efforts during an economic slowdown such as the one we’re experiencing today.
Here’s why you need to keep your advertising and marketing spend:
More People are on Social Media
A study from influencer agency Obviously has found a 76 percent increase in daily accumulated likes on Instagram, and a 22 percent increase in Instagram campaign impressions since March this year. This tells us that people are, more than ever, are online and sticking to social media.
This provides a wide and open source for potential customers that can be tapped through this medium using relatively affordable digital ad and marketing campaigns.
Advertising Costs Drop
Rates tend to drop during recessions – including advertising rates. Your business can take advantage of these lower rates to save more on your advertising campaigns and other marketing efforts.
Brand “Noise Levels” Drop
Because of that mindset to drop ad and marketing spending during pandemic and recessions, the amount of “noise” or brand visibility produced by competitors in your business category will decline as well.
That leaves an opportunity for your business to turn up the volume so you can be better and more clearly heard by your target market.
Pandemic or Recession provides Reinvention
Businesses who struggle during a pandemic or recession can also see this as an opportunity to reinvent themselves in creative ways. From fashion-designers-turned-face-mask-makers to perfumer-turned-hand-sanitizer-producer – the possibilities are endless.
By reinventing your business in a way that could help your community, you are also marketing it as a more dependable resource for your customers.
Your Brand can be seen as Stable
According to a survey by the Advertising Specialty Institute (ASI), around 86% of 505 B2B executive respondents felt better about a company’s commitment when they see it advertised during a down economy.
By staying active on social media and other advertising platforms, your business can be branded as maintaining stability despite these challenging times. By projecting this perception, you also present a sense of trust and security of your products and services that your current and potential customers can depend on.
Maintain your ad or marketing budgets with more affordable, flexible options
It is important to consider the financial situation of your business before running your next ad campaign during a pandemic or recession. But if it is financially feasible for your business to maintain, if not increase, your ad and marketing budget, then it could pay off in the long run.
If you need quick, dependable, and affordable design support for your marketing and advertising materials — especially in the digital platform — then Dezynspace is here to help.
Dezynspace is the leading online platform where you can easily book a graphic designer at your service for the whole 8 hours of the day, on a per demand basis.
All the designers are vetted, professionally trained, and are able to respond directly to customer requests and queries in as fast as 30 minutes.
The Dezynspace model eliminates the tedious hiring process and the administrative and management concerns for its clients while providing them with good quality and professional graphic design talents dedicated to help them with their creative needs.
Learn more about the portfolio of our designers here, or go here to get started and kickstart your advertising or marketing campaigns.