As the business community continues to navigate the COVID-19 climate, one thing is clear: The timing of the return of in-person events in unknown. Given this uncertainty, it’s time to reallocate event budgets to content development. Increasing content development can help companies maintain their edge and enable them to stay relevant, generate leads, provide added value to existing customers and increase credibility.
As we continue to experience an economic downturn and the uncertain direction of the pandemic, many companies are looking at ways to reduce spending. Unfortunately, the first expenditures on the chopping block are marketing and public relations. Does it make sense to cut back on these? NO! Looking at historical data, companies that maintained continuity in marketing and PR came out of economic downturns stronger than companies that pressed the pause button.
According to numerous studies, organizations that continue marketing and PR activities (and in some cases increase them) come out of recessions and tumultuous times in a better position than before. Additionally, it gives them a competitive advantage over their competitors that pulled back on these activities.
A recent article in the New York Business Journal highlights some facts:
- A study of the 1970 recession revealed “sales and profits can be maintained and increased in recession years and in the years immediately following by those who are willing to maintain an aggressive marketing posture.”
- Companies that cut costs faster and deeper than rivals don’t necessarily flourish. They have the lowest probability (just 21%) of pulling ahead of the competition when times get better, according to a recession study published in a 2010 Harvard Business Review
- A 1980s McGraw-Hill research study analyzed 600 B2B companies and found those that maintained or increased marketing grew significantly both during the recession and the following three years. In fact, by 1985, company sales that promoted aggressively had grown 275% over those that didn’t.
Increasing content does not necessarily mean starting from scratch. You might be surprised at what you already have in your library that can simply be repurposed into something else such as:
While content doesn’t take the place of in-person meetings and events, it’s a good opportunity to get in front of new customers and ensure that your company stays relevant in the marketplace.
Check out some content examples here.
Adam Waitkunas authors the column “Anecdotally Adam” and is President of Milldam Public Relations.
