Don’t abandon marketing during economic uncertainty

Andrew Scott, founder and MD of marketing agency Purplex, explains why companies should continue investing in their sales and marketing strategies in 2023, despite economic uncertainty.

During and after the pandemic, the home improvement market boomed. As a result, lots of companies expanded, taking on bigger premises, spending more money on new equipment and facilities as well as recruiting more people to keep up with increased demand.

But as we embark on 2023, the market has slowed, meaning some businesses will be heavily leveraged with high levels of borrowing at a time when markets are cooling and the interest rate to borrow has increased.

Although things have improved significantly in the industry compared to the last two years, companies still find themselves tackling ongoing supply chain issues and dealing with the fallout from the pandemic. Business owners are under immense pressure and feel more stressed than ever.

While things may seem a little uncertain, it’s not all doom and gloom. I believe there are lots of opportunities for ambitious business owners and 2023 could be the year to turn things around.

Companies can perform even in times of economic uncertainty and here’s how.

Invest in marketing

The Covid-19 pandemic caused an artificial boom in the market which meant, for the last two years, companies no longer needed to invest in their sales and marketing. But, in order to survive and thrive in these challenging times, businesses must once again have a comprehensive sales and marketing strategy.

In times of uncertainty and when budgets are strained, businesses can easily be tempted to press pause on their marketing activity and then resume when things feel more stable. But cutting marketing spend can do more harm than good.

Without marketing, a company will lose visibility, its brand awareness will be significantly reduced, and it will inevitably create opportunities for competitors to swoop in and take the lead in the market.

Recession trends show that marketing is crucial to a company’s success so should be part of their business growth strategy, even during an economic downturn.

When markets get tough, companies should invest more in marketing not less. It’s guaranteed people will gravitate towards a brand they know and trust so continuing to push their brand to the forefront of their target audience will mean they’ll be the top choice when people are ready to start spending again.

Go back to basics with sales

Another element of business that was impacted by the pandemic was sales. Due to the huge increase in demand, sales teams became order takers which meant companies didn’t need to invest heavily in this area of the business.

Although Zoom calls became the norm over the last two years, in 2023 sales teams need to get back to organising face-to-face meetings. An in-person meeting can’t be beaten and is a fantastic way to build lasting relationships which are crucial for add-on business and referral business.

Without a relationship, all that’s left is a transaction that won’t guarantee that customers will stay loyal when the market gets tough.

It’s time that sales teams get back to doing what they know best, which is delivering great customer service, getting out on the road and selling.

Work with the right agency

At Purplex, we had a fantastic 2022 and we look forward to what the future holds as we continue to invest in our people and business to provide a top service for our clients.

With years of experience in marketing and a great understanding of the industry, our team of experts are always on-hand to create and execute a sales and marketing strategy that will drive your business to new heights in 2023.