When the economy tightens, smart businesses double down on marketing. Here's how to do it strategically.
When the economy slows, the instinct for most SMEs is to cut their marketing budget first. This is almost always the wrong move. Businesses that maintain or increase their marketing spend during downturns consistently outperform those that cut back, emerging from recessions with larger market share and stronger brand recognition.
During a recession, your competitors are cutting their advertising. This means less competition for the same keywords, lower cost per click, and a bigger share of voice for those who keep advertising. The maths actually gets better for marketers during downturns - your budget goes further because there's less competition for attention.
Shift your messaging to emphasise value and urgency. Customers during tough times are more price-sensitive but they still need services. Highlight payment plans, finance options, fixed pricing, and the cost of NOT addressing problems (like how a small leak becomes a major repair bill). Make the financial case for acting now.
Focus your budget on your highest-ROI channels and cut anything that's not clearly delivering leads. This isn't the time for brand awareness campaigns or experimental channels. Google Search Ads targeting high-intent keywords remain the safest bet for consistent lead generation even when budgets are tight.