Marketing strategies to survive COVID-19, recession :: Mmegi Online

COVID-19 has caused an ongoing recession in developed and developing countries. Recessions impact all businesses and bring forward unprecedented challenges. There are, however, marketing strategies that businesses can execute to help them come out of the recession stronger.

Do not immediately cut the marketing budget

Most businesses will cut their marketing budget when faced with an economic downturn, which is exactly why not cutting the marketing budget is a smart marketing strategy. If all your competitors are cutting their budgets, and your business is taking time to fine-tune and continue with marketing efforts, then your business could see an increase in revenue and take over a larger market share. When competitors slash their budget, consumers will be less likely to see their marketing efforts and instead will see your company’s presence more frequently. Prospective customers will be able to easily see the services or products your business offers.

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