Why not to cut marketing during the COVID-19 crisis?
As I work to provide marketing strategy and planning for customers during this COVID-19 crisis, I see many B2B businesses choosing to cut their marketing spend as part of their cost savings measures. I certainly understand their motives, but I strongly suggest that those businesses continue their marketing, and perhaps even increase their marketing spend and cut elsewhere. Why do I recommend this approach?
One key goal in marketing is “share of voice.” Basically, how often can you get your message in front of those you want to influence? When others pull back in marketing, everything you continue to do is amplified in the void that is created. While in normal advertising times, you would have to spend MORE than others to buy share of voice, the voids created by so many pulling back allow your messages to shine, and on many B2B media sites, your messages are even over-delivered by the media companies to keep live ads to continue to run so they continue to look healthy.
The bottom line, marketing during today’s current market will buy you:
- Greater share of voice
- Build trust as your audience sees you as stronger
- Keep and even build more momentum for your brand and products
- Continue to deliver leads for future business
You can cut other expenses that could be turned off and then back on at the end of the crisis. However, if you stop feeding the funnel and fail to show strength during the crisis, sales will face an even greater crisis.