Growing Market Share
What now? Postpone, Maintain or Double-Down on Marketing
Businesses are faced with big questions in times like this. For marketers and the marketing-minded, everything starts with budget: should we postpone, maintain or increase marketing spend?
There are three schools of thought resulting in three options. They each have their own merits, but it ultimately boils down to a look at short-term vs. long-term vision.
“We lack certainty, so we’re freezing everything for now as we collect more data. We can afford to take a hit as we regroup and monitor the situation. We’ll keep an eye on competitors to see their strategies then react appropriately.”
POSTPONING IS DANGEROUS.
Initially you’ll coast off of previous efforts. After a few quiet months, active competitors will steal market share. When you stop growing you start dying. Be sure reductions are strategic rather than reactionary.
“Stay calm. Stay the course. There’s no business case to revise marketing spend in either direction. We’ll monitor the situation and be open to new timeframes, tactics and strategies as they emerge.”
MAINTAINING IS ADMIRABLE.
Everyone could use some extra stability and normalcy especially in this environment. The risk is non-action. It’s important to keep this mindset while making nuanced refinements.
“We’re connecting with customers to find new ways to provide value right now. Competitors are freezing up because the path isn’t clear. We’re pushing forward. We’ll emerge with better brand affinity and increased market share.”
DOUBLING DOWN USUALLY WINS.
It takes courage, experience and foresight to invest when things look low. But historical data proves it’s the best time to do so. The healthiest businesses don’t retreat, they pivot and push forward.
So, the quick answer?
Just kidding, there is no one-size-fits-all action. Your answer should be nuanced on a channel-by-channel basis based on your business goals. Whichever you decide, remember that it’s helpful, and in most scenarios essential, for your entire team to know the spending mindset moving forward.
Read the other articles in this series:
1: Quarantined Customers & New Behaviors
2: What now? Postpone, Maintain or Double-Down on Marketing3: Giving Instead of Giving Up
4: Recessions Create New Leaders
5: What to do when ad spend must be cut
6: Pivoting through a Storm
7: Springboarding to the New Normal
8: Coming Back Stronger: A Marketer’s Guide for Recovery
Or skip the articles and get our entire strategy on how to grow market share during economic change. It’s free. It’s not even gated. Just be sure to tell us how you’re putting it to good use.