The true nature of the economic fallout of the current coronavirus crisis is still far from certain, and many marketers have been asked by their leadership to freeze all nonessential spending. If you’re one of those marketers, your budget may now be sheltering in place alongside you.
Here’s the good news
You’re not alone.
The global ad spend forecast is down from $712 billion to $691.7 billion because of the coronavirus pandemic’s effect on media and commerce, according to EMarketer. Facebook and Google alone are facing a possible $44 billion decline in ad revenue in 2020.
Clearly, you’re not the only marketer who is rethinking how and where to spend marketing dollars much more carefully now.
Here’s the not-so-good news
Companies that increase their marketing budgets during a recession, or even a depression, increase sales much fasterâboth during and after the downturnâthan companies that cut back, research shows.
But if your leadership isn’t buying into the idea that spending on marketing is essential right now, you likely can’t do much to change their mind. So how can you still continue to position your company to grow now and in the long term?