As we have seen over the past few months, Coronavirus is spreading all around the globe, and governments are trying to contain the virus by closing schools, public spaces, borders, and encouraging people to stay at home. Almost every event has been canceled, workers are switching to remote work, while others have been left unemployed.
As a result, many small businesses have decided to reduce costs aiming first to stop or reduce their marketing spend. But is this the smart decision?
5 Reasons Why Small Businesses Shouldn’t Reduce their Marketing Budget during Coronavirus
1 You always need sales and marketing
Sales and marketing don’t just drive business growth, they drive business stability. No marketing spend means no resulting sales, forcing your business to inevitably grind to a halt.
The next quarter will undoubtedly be a challenging one for small businesses, but “pulling back for the short term” will only hurt your business in the long term, where you’ll leave your remote working environment with a diminished brand presence and very little, if anything, in the pipeline.
2 Your competitors will pull back due to fear
So many of your industry competitors will be withdrawing their marketing spend due to fear, providing you with the opportunity to scale and maximize market share as we come out on the other side, whether in three, six or 12 months’ time.
If you’re looking to dominate, hold firm on your marketing budget right now, or even better, look at opportunities to increase your budget in areas where you’re looking to grow or where you’ve previously seen the best results.
3 More people are spending time online
More and more people are searching for news updates, engaging with social media content, and maximizing tools like LinkedIn than ever before. This means that if there has ever been a good time to have a strong digital presence, it’s now.
4 Don’t cut your spend, change your focus
So many businesses will pause or cut marketing spend, without thinking about how they can change their focus first.
Your current marketing strategy may not generate the same result now, but instead of panicking, think about what you can do differently.
5 It’s time to sink or swim
The Coronavirus has certainly presented what is likely to be the biggest challenge of this generation, but if you let the fear of the unknown take over, you will inevitably fail.
During the recession of 2008-09, the business sector divided into two. Those who retreated and failed and those who fought back and survived. Times of adversity provides the opportunity to disrupt, to dominate, and to transform your industry sector.