Cutting Marketing in a Downturn Is the Wrong Move (And What to Do Instead)
Recently, I have been hearing from many of you that business is tougher to get. This starts to sound like there is an economic downturn on the horizon. Couple that with the Fed just issuing more cautionary notes about the economy and chose to hold interest rates steady — a clear signal that uncertainty still looms. For small business owners, this might trigger the instinct to tighten budgets. And all too often, the first line item on the chopping block is marketing.
I get it. When times get tough, every dollar counts. But here’s the truth: cutting your marketing during a downturn is like turning off your headlights in a storm. You may save a little power now, but you’re flying blind when you need clarity most.
When the pandemic hit, I was running marketing for a large corporation. Our primary revenue earner was check printing. When the banks closed, we quickly saw a 50% decline in revenue because much of our revenue came from orders done in bank branches. So, we jumped into action and marketed hard to the clients that used to go to the bank to order checks and redirected them to our website for check orders. Our revenue recovered within 3 weeks. Staying visible was a key here and we also kept marketing on our other products, which helps us whether that major economic storm.
Here’s why staying visible matters now more than ever:
1. Your competitors might go dark.
When others pull back, that’s your opportunity to stand out. With fewer voices shouting in the market, your message can travel farther — and for less money. Be smart, lead with organic (that is marketing that does not cost anything but your time) marketing and put more energy there. Spend wisely everywhere else and make sure that you are honed in on your core customers.
2. Buyers are still out there. They’re just more selective.
People may be more cautious, but they haven’t stopped buying. They’re researching more, comparing options, and looking for brands they trust. Staying active keeps you in the consideration set. Perhaps they even start to prefer local businesses over national brands. Stay top of mind with these customers and emphasize that you are their neighbor and keeping the neighborhood going by supporting local is important.
3. Efficiency beats extravagance.
No, you don’t need to spend more. You just need to spend smarter. Focus on:
- Local SEO and your Google Business Profile: Show up where people are already searching.
- Email and social media: Low-cost, high-engagement tools to stay top of mind.
- Customer referrals and testimonials: Turn your existing happy customers into your best marketing asset.
4. Marketing momentum compounds.
If you stop marketing, restarting later means rebuilding from scratch. Keep the flywheel turning, even if it’s at a slower pace. Marketing doesn’t work like a faucet, you don’t just turn on the water and things start flowing. Your brand accumulates over time with consistency. Stay consistent, even if it is a slower pace.
💡 Pro tip: Downturns reward the consistent. Small, steady efforts beat big, sporadic campaigns every time.
If you’re feeling pressure, don’t go quiet — get focused. The businesses that market smart today will be the ones leading the market tomorrow.
What’s one marketing move you won’t cut this quarter?