From the course: Marketing during a Crisis
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Cutting costs
- The harsh reality is that most companies slash marketing expenses in response to a crisis or an economic downturn. And I've worked with enough companies through troubling scenarios to recognize that this rarely works. Most of the brands that emerge victorious did not let let up on their originally budgeted spend. It's important to continue your investment in marketing. This may mean that you have to take a loss on your product or even expend capital to launch a new strategy. Now, it's natural to focus on what you can control. But the Strategic Planning Institute did a major study of corporate behavior during the past 30 years and found that reducing ad spend during a recession meant brands grew less quickly in the years following a recession than more free-spending competitors. Yet out spending the competition is also not the solution. You must be strategic about how and why you're deploying capital. Right now…
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