Why You Should Spend on Marketing in an Uncertain Economy
The UK economy is uncertain at the moment, in light of Brexit and the recent general election result, and understandably many businesses are likely to be cautious with their budgets, particularly branding and marketing which are seen to be non-essential.
After the Brexit vote in June 2016, it was impossible to predict whether companies would hold back, apprehensive of committing marketing spend until they felt more sure about the economy or whether they would invest more to retain the loyalty of worried customers.
We have spoken to many of our clients, and whilst some are still tentative and want to ‘play it safe’, others see the economic situation as an opportunity to build their business in a new climate and perhaps take a slice of market share from their cautious competitors.
In economical uncertainty, some of the areas that businesses refrain from spending on is marketing, branding and design. But in order to grow the business despite the uncertain economy, marketing is one of the most important factors in keeping the business pushing forwards and getting noticed.
Perhaps you have noticed that your competitors have stepped down their marketing efforts? This is the prime time for you to get out there and increase your marketing to make your position in the market much stronger.
TalkTalk, for example, announced that revenues had dipped by 3% in the last year and that they would be increasing investment in marketing over the next 12 months.
So if your industry is experiencing a dip, and you are thinking about being cautious with your marketing budget, think about the benefits that investing in some creative work could have.
By getting your name out there with a new look and new messaging, you can remind your customers that you are still there and ready to do business with them and show potential new customers that you are THE people to work with, despite the market situation.
Just remember, you will rarely win new business by sitting cautiously waiting for people to come to you.
Push your business growth by investing in your brand, and making sure that it gives the right message, to the right people, at the right time.
Our branding experts at Hyphen are here to chat if you need any advice in this area, so please just contact us.
Until next time,