Recession proof your business: Here’s why your marketing department should be your biggest priority in 2023

Why your Marketing Team should be your biggest focus this year ahead

As a coach and marketing consultant, I’ve seen many businesses struggle to keep up with the times, particularly during economic downturn. Following the last three years of volatility with Brexit, Covid-19, national wars and now a supposed looming recession, it’s time for the business community to focus on riding out yet another storm. But whilst some businesses can thrive during economic uncertainty, others suffer greatly, and unfortunately many don’t make it through.

Financial theorists and many business strategists will tell you that the finance department is the most important business unit in a company. After all, it controls the purse strings and enables other functions to thrive! However, I’d suggest that during times of economic uncertainty, the focus should not just be on the numbers – but on investing for growth – that happens through your marketing department!

One of the best ways to ensure your business stays afloat during a recession is to make sure your marketing department is your biggest priority.
Here’s why your marketing department should be your biggest priority for 2023…

#1 Marketing generates sales which brings in revenue

When times are tough, the first thing many businesses do is cut their marketing budget. However, this can be a fatal mistake. Your marketing department is responsible for bringing in revenue, and if you cut your marketing budget, you’re effectively cutting off your revenue stream.

During a recession, people are more cautious with their money, and they’re more likely to do more research before making a purchase. This means that your marketing efforts need to be even more effective than usual. If you’re not investing in marketing, you’re missing out on potential customers who are looking for your products or services.

#2 Marketing builds brand awareness and ultimately shareholder value

In addition to bringing in revenue, marketing also helps to build brand awareness. With the growing focus on the customer experience, marketing not only drives leads and sales, but also results in greater market engagement which ultimately strengthens the brand. This builds shareholder value and supports the sustainable growth of the economy.

During a recession, it’s more important than ever to stand out from your competitors. Your marketing department can help you do this by creating a strong brand identity that resonates with your target audience.

When you invest in marketing, you’re not just investing in sales, you’re investing in the long-term success of your business. When you build a strong brand, you’re creating a loyal customer base that will continue to support your business, even during tough times.

#3 Marketing helps you adapt

Consumer behaviour constantly changes. In times of recession, the speed of change can be faster than usual. Businesses must pivot to stay buoyant and ride out the storm. People are more cautious with their spending, and they’re looking for value for their money. This means that your marketing strategy needs to adapt to these changes quickly and effectively. Strategies that worked last year, may not work in the current environment.

Your marketing team can help you do this by conducting market research and analysing consumer trends. By staying ahead of the curve, you can adjust your marketing strategy to meet the changing needs of your customers.

Marketing also helps you to be more flexible in your business operations. For example, if you’re a restaurant, you may need to shift from dine-in, to takeout and delivery. Your marketing department can help you communicate these changes to your customers and create new marketing campaigns to promote your new services.

In the B2B world, your online events and digital strategy must pivot to offering faster paced engagement, with superior lead tracking software and tracking tools.

#4 Online Marketing is measurable

One of the biggest advantages of digital marketing is that it’s measurable. Sadly, my experience tells me that most marketers are lazy and don’t look to data insights to glean meaningful results! But, with digital marketing, analytics provide amazing transparency. This can be used to identify the acquisition source, but also to monitor the number of conversions. This generates a clear Cost Per Lead (CPL) or Cost Per Acquisition (CPA) which pivots the focus away from marketing being a cost centre. Instead, marketing becomes an investment to yield positive return on investment.

Unlike other areas of your business, such as product development or customer service, you can easily track the success of your marketing campaigns through goal conversions and events in GA4.

This means that you can adjust your marketing strategy as needed based on the data you collect. For example, if a particular marketing campaign isn’t performing well, you can adjust or scrap it altogether. This allows you to make informed decisions about your marketing budget and ensure you’re getting the best return on your investment.

Speed of adoption is one of the keys to delivering successful results. Your marketing team’s ability to pivot during these times of uncertainty will be critical.

#5 Marketing is essential for growth

Finally, marketing is essential for the growth of your business. Whilst cutting your marketing budget may seem like a quick fix during a recession, it’s important to remember that you’re not just cutting costs, you’re also limiting your own potential for growth. This includes brand awareness, consumer engagement but most importantly, lead generation.

By investing for growth through marketing, you’re investing in the future of your business. You’re creating a strong brand identity, building a loyal customer base, and staying ahead of the competition. This builds shareholder value which drives the economy.

This strategy will not only help you survive during tough economic times but will also position you for growth when the economy recovers.
Marketing drives shareholder value and enables your business to thrive

In conclusion, if you want to recession-proof your business, your marketing department should be your biggest priority and your biggest focus as a business owner. By investing in marketing, you’re investing in the future of your business. You’re bringing in revenue, building brand awareness, adapting to changes in consumer behaviour, and positioning yourself for growth. Don’t make the mistake of cutting your marketing budget during tough times. Instead, invest in marketing and watch your business thrive, even during a recession.

At Iconic Digital, we provide an outsourced marketing team for business owners. Our solution is backed by a 3:1 return on investment guarantee. So, if you don’t yet have a digital marketing team, then consider one of our outsourced digital marketing packages for small businesses.

If you don’t have your own marketing team and need support to get real results, then request your free marketing audit and speak to us about how to get scale in your business. Let us help get your marketing working, with our guaranteed results-focused model. Speak to a marketing expert today.