However not investing not a smart way to save money. In fact, marketing is an “investment” that helps businesses quickly reach customers. If you remove marketing from your development plan, your business is eliminating the opportunity to reach many of your target customers.
Marketing helps build a brand
build trust and attract new customers. This is an important factor to ensure the growth and success of a business. Even with limited resources, startups should consider marketing an important activity and find ways to optimize resources to achieve the best efficiency in reaching customers.
In the early stages of a startup
startups can still maintain marketing activities with low or even zero costs. Below are 6 marketing ideas that startups can apply. Zero Cost Marketing: Save 6 Easy-to-Implement Methods Now 1. Seize development opportunities in a context of few competitors Recessions are when many competitors start cutting back on advertising spending, leading to fewer ads in the market. However, the time when competitors are experiencing a decline in advertising investment is also the “golden time” for brands to rise up and gain market share.
marketers must be more aggressive
or preserve their advertising spending to increase coverage and gain an advantage over other brands in the market. A typical example of taking advantage of the recession to gain an advantage over competitors is the competition between the two beverage giants Coca-Cola and PepsiCo. At the time of the pandemic, the group announced a cut in global advertising updated 2024 mobile phone number lead budgets to save costs and maintain business operations. This was an opportunity for PepsiCo to rise.
Accordingly PepsiCo interviewed
5,000 people to find out user insights. 80% of users what is schema in local seo? said that brands need to change their style and communication during the pandemic. Therefore, PepsiCo built an in-house team to produce ads at a faster pace and at a lower cost. While Coca-Cola’s net revenue dropped 11%, PepsiCo grew 5% in 2020. Coca-Cola’s 2020 revenue fell as advertising spending decreased. When Coca-Cola realized that cutting its marketing budget had put it at a disadvantage, it learned from the experience and immediately stepped up its advertising efforts in the following years, despite the cost pressures created by the economic downturn.
billion on advertising last year
In total, the brand spent $4.3 . And these cz lists efforts have brought many positive results: Sprite (a Coca-Cola brand) has become a $1 billion brand; the group’s revenue in 2022 is about $43 billion, 10 times the amount invested in advertising. After a failed 2020, Coca-Cola has spent heavily on advertising in 2021 and 2022. 2. Understand consumer purchasing behavior based on retail data When the economy is unstable, it is understandable that brands are eager to increase sales to keep their business stable.
