There is no question that the COVID-19 pandemic has had far-reaching effects on all areas of life, including how people do business and what they are spending their money on.
Understandably, many business owners have reacted by cutting their marketing budgets. However, this is the opposite of what you should be doing to ensure your company survives these tumultuous times.
Research stemming back to the Great Depression reveals that the companies that invest more in marketing during economic downturns are the ones that thrive and stand the test of time. As an example, just take a look at your breakfast cereal.
During the Great Depression, Post slashed its marketing budget, whereas Kellogg boosted theirs and introduced new products (namely, Rice Krispies). As a result, Kellogg enjoyed a major rise in profits during a time when making a profit seemed nearly impossible.
Nearly one hundred years later, Kellogg is still the dominant brand in breakfast foods. It’s crucial to focus on maintaining your competitive edge during times of economic uncertainty, and local SEO can help you accomplish exactly that.
People are spending more time at home these days, and they often occupy themselves by conducting online searches. Many of those online searches are for local services and products—and your brand could be front and center.