It doesn’t mean that you’ve lost confidence in marketing. It just means your ability and willingness are tempered for a while.
Regardless of whether you embrace scenario #1 or #2, the most successful companies will adjust their marketing strategies to ensure they’re investing in the right places, in the right channels, and focused on the right people.
In other words, it’s not how much you spend on marketing but how well you do it.
My advice: Take a deep dive into all your marketing activities to determine ROI.
Identify the channels that performed and those that sucked up money and resources when the economy was better and robust sales made it easy to live with marketing that wasn’t doing the job.
Then, focus on marketing that works, and cut back or eliminate things that aren’t performing.
It’s simple advice (aka business 101)
Bottom line: Telling companies not to reduce marketing budgets amid a recession is a sweeping statement that shouldn’t apply to all companies.
It’s an optimistic opinion but not realistic.
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