How Should Brands Look to Grow Their Customer Base?

 

During times of economic downturn, it makes sense that business owners would want to put a little extra money aside for a rainy day or find new room in their budget to help retain their staff. One of the easiest expenses for many businesses to slash is marketing. While companies won’t come to a halt if they skip marketing their products or services for a while, cutting back on marketing efforts may not be the most strategic move to make amidst a recession.

According to Will Margiloff, Chief Strategy Officer, Zeta Global, this instinct to cut marketing budgets during difficult financial times isn’t unusual. “Marketing, especially digital marketing, is so quick. It’s easy to put up, it’s easy to take down. And marketing in general is an easy thing to cut. You’re not cutting bodies, you’re not cutting people, you’re not cutting emotions, right? So very easy for teams to look at. You know, here’s a way we can slice off hundreds of thousands, if not millions of dollars to try and hunker down. And that’s been pretty consistent in many of the downturns,” Margiloff explained.

Despite this natural inclination to want to spend less on marketing during recessions, Margiloff feels that the companies who continue to prioritize marketing can reap the benefits of sticking around, “There’s this opportunity for challenger brands to come up and gain market share. And you’ve seen that happen historically over and over and over again, all the way back into the depression,” Margiloff said.

Follow us on social media for the latest updates in B2B!

Twitter – @MarketScale
Facebook – facebook.com/marketscale
LinkedIn – linkedin.com/company/marketscale

Follow us on social media for the latest updates in B2B!

Image

Latest

AI in content marketing
Generative AI in Content Marketing: Why Creativity & Authenticity Will Make it Work
July 11, 2024

Will 2024 be known as the year AI made waves in content marketing? It sure seems so, with recent AI-driven ads from Toys R Us and Under Armour generating significant buzz online. Not just this: Despite having no official ties to the brand, a mock Volvo ad created entirely by AI has also gone…

Read More
Hiring Made Human: Hiring When You’re a Start-Up
July 11, 2024

The challenges of hiring for a startup have become more pronounced these days than ever. With technological advancements and evolving market demands, startups must be agile and strategic in their hiring practices to ensure success. According to some studies, nearly 90 percent of startups fail, with a significant factor being the inability to attract…

Read More
Focus on the Customer
Fifth Inning – Focus on the Customer
July 11, 2024

In a compelling narrative by Jesse Cole, the Savannah Bananas, a baseball team known for its unconventional approach, has declared advertising dead. Cole emphatically asserts that while advertising may attract customers, it is the fan experience that fosters lasting loyalty. In a bold move, the Savannah Bananas have eliminated all forms of advertising at…

Read More
Dr. Mark Manera talks Trucking Industry
The Trucking Industry Needs a Fitness Overhaul to Jumpstart a Trucking Health Revolution
July 11, 2024

With the trucking industry seeing many changes that prioritize efficiency and productivity, the health of truck drivers has increasingly peaked as a critical concern. With life expectancies for truck drivers averaging 16 years less than the general population, there is an urgent need to address health issues within the industry. Recent initiatives, like the…

Read More