Employees and budgets are usually the first casualties of any recession. With the ever-increasing signs that we’re not only in one but potentially one of the worst ones we’ve seen in decades, when do we have to start to have the conversation about potentially life-changing decisions?

It’s more important than ever to remember that loyal customers are the source of cash flow and organic growth during recessions. There’s no such thing as an optional marketing expense – it’s essential to bringing in revenue from these mission-critical customers, among others. 

Despite this, marketing is often disproportionately affected by company budget cuts. It is easier to cut marketing communication costs than production costs or laying off staff. 

In order to manage marketing expenses, businesses must distinguish between necessary and unnecessary expenditures. The importance of maximising budgets, reducing waste and streamlining cannot be overstated. The importance of Market Research in a recession, understanding and empathising with your audience will distinguish successful marketing from the rest. 

As a result of following this format over the last few months, our clients’ budgets have been optimised, and we have honed in on our target audiences. Still, we’re seeing growth in all sectors, with several clients having record-breaking quarters.  

How does your business plan to survive and grow in a slump?