Large companies have no right to make marketing mistakes, especially during a pandemic. Time spent in lockdowns should make us more careful not to repeat the same marketing mistakes.
We all learned some tough lessons in the Great Recession of 2008 – 2010, but we came out of it stronger.
The most important thing we learned – the absolute golden rule of surviving a Recession – is this:
In a Recession, you must NOT stop your Marketing.
It’s the single biggest mistake that nearly all businesses make. During the current Covid 19 crisis, 90% of your competitors will stop all of their Marketing. In many cases, this will destroy their businesses for good.
I really understand the pressure to cut costs. It would seem to make logical sense to stop your Marketing. When cash flow is extremely tight, we have to cut costs anywhere we can.
Here’s the problem with that:
Marketing is not a cost. Lead generation is not a cost.
It’s the investment you make in getting customers and securing the future of your business and your financial future.
Marketing is the process of getting customers. It is very important because your financial future depends on it. You do not want to stop the one thing that is going to protect your future.
Here’s what happened to many of the businesses who stopped their Marketing during the last Recession:
They actually survived the worst part of the Recession. They cut costs so drastically they were able to keep going for a while.
Then, when the economy started picking up, they realized they weren’t just out of cash, they were also out of customers.
They had stopped all of their customer communication for months and months.
That’s when, sadly, most went out of business.
So please, whatever you do, you must avoid the number-one mistake people make in a Recession: