AUCKLAND, Today: Continuing to advertise through times of economic uncertainty and instability can benefit your business in the long term, says leading technology/software company MYOB NZ.
The latest MYOB Business Monitor survey of 1000 SME operators from across the country, revealed a sharp drop in SME’s marketing intentions as a result of the scale of the Covid-19 crisis.
Surveying conducted in the second half of March found that 20% of businesses planned to reduce their marketing and advertising spend over the coming year, compared to just 11% of businesses interviewed before March 16.
MYOB marketing manager Krissy Sadler-Bridge says now is not the time for SMEs to turn off marketing altogether, but instead, re-evaluate their strategy and focus on what is best for their business.
“A study by Harvard Business Review found companies that balanced cost cutting with a continued investment in marketing, did well post-recession.”
“Given the widespread impact of the pandemic and New Zealand’s unprecedented lockdown, businesses will be looking very closely at every aspect of their outgoings and investments,” she said.
“Quality over quantity should be the guiding principle for businesses making decisions about their marketing investment.
“Before they dive into their tactical marketing, it’s extremely important for SMEs to do a diagnosis of the position of their business.
“Take a step back and review what’s happening in the market.
“It also pays to be mindful of the type of content featured in marketing promotions.
“While a marketing message needs to be on brand, businesses should also be taking into account what’s happening in the wider landscape.
“A study by Harvard Business Review found companies that balanced cutting costs with a continued investment in marketing, did well post-recession,” she said.
Share this Post
