Let’s start with the bad news.
The cost of living crisis is worsening and the UK is in a recession. So yes, your marketing budget will inevitably be impacted and it’s time to make every penny count!
Now onto the good news. If you keep marketing during the recession, you will continue to gain customers!
Advertising through an economic dip increases customer confidence in the stability of your brand or product. This can increase brand loyalty, and subsequently, attract new customers through highlighting value. And as competitors reduce their advertising, this is the perfect time to win new customers, including new product launches.
I know what you’re thinking, how can you keep marketing with limited budgets? Well, certain marketing channels are becoming more expensive and not delivering the same results as they used to. For example, the cost of TV advertising is going up, whilst viewership is going down.
One way to make your (reduced) pot go further develop a considered Influencer Marketing strategy.
To find out more and continue to drive customer acquisition during uncertain times check out our report now.