Why You Shouldn’t Cut Your Marketing Budget During an Economic Downturn
Ready for some sobering statistics?
- 60% of customers are incredibly concerned about current, global economic uncertainty.
- 47% of customers are waiting for items to go on sale before they buy them.
- 47% of consumers have less confidence in the economy.
Reading those numbers can be jarring, especially if you run a business during these uncertain times. Business leaders want their company to stay afloat and keep their employees all while satisfying their customers. Usually, the first instinct is to cut the marketing budget in hopes of making the margins look better, however the best advice is to do exactly the opposite.
