As a result of the Coronavirus pandemic, a large majority of brands are either choosing to cut down or maintain their spend on marketing. This could present an opportunity for brands looking to gain more brand awareness and capitalise their investment by gaining a higher share of the market.
According to the latest data. Only 7% of brands opted to increase their spend by investing in marketing. A survey conducted by e-consultancy found that the members of the 7 percent were driven by the prospect of seizing the opportunity whilst competition was distracted. This is compared to 30% who choose to maintain their attitude and 49% who choose to save their budget and redirect it to other departments.
Another aspect which is facing pressure alongside marketing budgets are spending priorities. A third of respondents from a recent study mentioned that they are investing more in improving their brand value, most commonly in the form of charity donations. Another common tactic is the switch from acquisition to retention.
Even though many industries are looking grim. There is a positive outlook coming from B2B brands. This sector has the highest percentage of businesses looking to seize the opportunity and invest, with 14%. Financial departments in B2B organisations have also been shown to more happily invest in media and marketing with 17%
As data from previous recessions suggests, those brands who choose to invest in a time of crisis are the ones which emerge more strongly.
Get in touch with VT Digital Marketing to see how we can help your business. We offer a variety of packages suitable for every budget. Take the advantage of this opportunity and come out as a winner.