It’s a difficult conversation. During trying times, business owners and C Level Executives have to make hard choices. Departments, programs, and ultimately employees that don’t show any ROI are eliminated.
And there are no shortage of conversations around Marketing Departments and Marketing Programs. No ROI? See ya. But, consider this for a moment, wasn’t this always the case? Shouldn’t this have been the norm?
During a crisis, the stress can shed light on problems that were “OK” or “Business as Usual”. Acceptable status quo. So now, people are starting to ask: "That's nice and all, but is it making us any money?”
We can talk about about the benefits of continuing marketing in a downturn. Here’s a hint: Those who stay the course or double down during an economic downturn emerge as HUGE winners on the other side (Source).
And, so while some are asking “is this making money for me?”, I’m suggesting that a better question might be “What is the best marketing strategy for me at this time?"
No one is sure what the specific immediate and long term fallout (and eventual impending upside) for organizations could be. Many are unsure of what direction their marketing should take, including the option to just shut it all down.
Historically, through many ups and downs, time and again the data shows us organizations that maintain or expand communication and marketing efforts during uncertain times are much better positioned to bounce back and actually gain market share post-crisis. The internet is filled with stories where companies increased their marketing efforts in difficult times, only to wipe out competitors when things return to normal (Source).
And, because this particular crisis is a pandemic, isolated people are spending more time online than ever before. As a result, digital marketing can be more effective than ever. So what steps can you take?