Why You Should Invest In Marketing And PR No Matter The Economic Weather
ChicExecs Co-Founder and Co-President, Nikki Carlson, shares tips on why you should invest in marketing and PR no matter the economic weather on Newsweek. Below is a highlight from the piece.
Marketing and PR are essential to keep your business afloat, especially during uncertain economic times. After all, consumers still need to buy goods during a recession: but because they’re more careful about how they spend their money, your business needs marketing now more than ever.
Let’s look at why it’s so important to continue investing in marketing and PR for your business, as well as how you can recession-proof your marketing strategy.
1. Consumers haven’t stopped spending money.
Consumer spending took a dip in 2020 in response to the pandemic, but today, spending levels are greater than pre-pandemic levels.
2. Get more for less.
What happens if your competitors cut PR and marketing but you don’t? The result is less competition, which makes it even easier for you to share your message with your target audience.
3. Boost rankings and credibility.
Consumer confidence is at a record low. It’s never been more important for brands to boost their clout through the power of PR and marketing. Marketing will not only generate more awareness of your brand but will also build you up as a sought-after leader in your space.
How can I market my brand during a recession?
Constant crises over the past two years have made businesses wary of change, but you have to keep pushing forward to succeed.
1. Prioritize low-cost channels.
Are you going all-in on paid channels like ads and influencer partnerships? There’s nothing wrong with that, but if you need to get results while being more mindful of costs, lean into low-cost marketing channels first.
2. Upskill your team.
You might not have a gigantic marketing team, and that’s okay! If you have an internal team, take this as an opportunity to upskill everyone.
3. Conduct regular market research.
Recessions change consumers’ shopping habits. This means you need to understand your customers’ changing needs and opinions. With paid surveys, in-person interviews, and customer data analytics, your marketing team will help you pivot to weather the storm.
Read Nikki’s entire article here.