Although it’s tempting - and seemingly sensible - to reduce or pause marketing activity in these times of uncertainty, evidence based on previous recessions shows that cutting budgets may hurt businesses more than it protects them. A Harvard Business review following a previous recession stated:
“This is not the time to cut advertising. It is well documented that brands that increase advertising during a recession, when competitors are cutting back, can improve market share and return on investment at lower cost than during good economic times. Uncertain consumers need the reassurance of known brands.”
Never before has there been a time in which we’ve had to be so agile in adapting to the new realities of life.
At Passion Digital, we’ve been proactive at helping our clients adapt their digital marketing and communications to the realities of the coronavirus. By doing so, we’re helping brands big and small retain their customer base throughout the storm and gain a competitive advantage now that competition is low.
