Tough Times call for Tough Measures?
It’s not unusual to believe that everyone cuts marketing budget when times are tough. When things get hard (yes, we’re looking at you 2020), marketing budget is often first to get the chop. But is this really a sensible business strategy? If anything, continuing to market your brand (or even increasing your marketing budget) in times of adversity is a prime opportunity to connect with customers and overtake your competitors.
The parable of the cornflake
It’s easy to panic and step on the breaks when you’re not playing the long game. Take the humble cornflake. During the Great Depression of the 1930’s, Kelloggs wasn’t the market leader in cereals by any stretch. But the bold marketing strategy they went with is what made them the global brand they are today.
Instead of cutting their advertising and their marketing budget when times got tough, like their competitors had, Kelloggs amped it up – even advertising at a loss to begin with. By going against the grain (pun intended) and taking a long-term marketing approach, they blew their competitors out of the water.
So, the next time you’re tucking into your cereal, just remember, there’s a lot of truth in the old adage:
“When times are good, you should advertise.
When times are bad, you must advertise.”
So my final message is this. Don’t wait for things to pick up, because it’s unlikely they will, keep your message at the forefront of your target audience’s mind.
Magnificent Stuff’s savvy specialists are here to help you market your business (breakfast cereals included) through good times and bad. Not everyone cuts their marketing budget when times are tough. Our team are on hand to understand your latest hurdle and support you with a smart plan to race over it!