{"id":462448,"date":"2021-01-21T08:38:27","date_gmt":"2021-01-21T06:38:27","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=462448"},"modified":"2021-01-21T08:38:27","modified_gmt":"2021-01-21T06:38:27","slug":"why-marketing-during-a-tough-economy-is-crucial-for-businesses","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/industry-news\/462448\/why-marketing-during-a-tough-economy-is-crucial-for-businesses\/","title":{"rendered":"Why marketing during a tough economy is crucial for businesses"},"content":{"rendered":"

A tough economy and restrictive trading conditions have created uncertainty for many South African companies.<\/p>\n

However, it is crucial that businesses which aim to grow continue to promote themselves through marketing activities.<\/p>\n

The need for businesses to promote themselves during difficult times is well documented, including in a report<\/strong><\/a> by the Harvard Business Review.<\/p>\n

The report stated that marketing and advertising are key for a business to position themselves for growth once the market picks up.<\/p>\n

\u201cMarketing isn\u2019t optional \u2013 it\u2019s a good cost, essential to bringing in revenues from key customers,” stated the report.<\/p>\n

It went on to warn against cutting all marketing budgets when times get hard, which has been the case with many local companies during the COVID-19 pandemic.<\/p>\n

Spend your budget wisely<\/h3>\n

When allocating budget to marketing, a business must only select channels which provide a measurable return on investment (ROI).<\/p>\n

\u201cTough times provide an imperative to cut loose poor performers and eliminate low-yield tactics,” stated the report.<\/p>\n

\u201cWhen survival is at stake, it is easier to get companywide buy-in for revising marketing strategies and reallocating investments.\u201d<\/p>\n

In South Africa, the marketing channel which provides the best ROI is clear – Online.<\/p>\n

As documented in Nielsen\u2019s Media ROI Benchmarks\u00a0report<\/strong><\/a>, online advertising provides the best ROI for South African businesses.<\/p>\n

Online easily outperforms TV, Print, Cinema, Radio, and Billboard\/Outdoor advertising channels – making it an easy choice for companies which need to spend their marketing budget wisely.<\/p>\n

Top platforms<\/h3>\n

There are several online platforms which can be used to successfully promote your business:<\/p>\n

    \n
  • Trusted news platforms<\/strong>\u00a0\u2013 such as News24 and BusinessTech.<\/li>\n
  • Social media channels<\/strong>\u00a0\u2013 such as Facebook and Twitter.<\/li>\n
  • Google advertising channels<\/strong>\u00a0\u2013 such as Search and YouTube.<\/li>\n
  • Newsletters<\/strong>\u00a0\u2013 including in-house and third-party mailers.<\/li>\n
  • Company blogs<\/strong>\u00a0\u2013 including on your company\u2019s website or an industry body\u2019s platform.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

    It is crucial that businesses which aim to grow continue to promote themselves through marketing activities.<\/p>\n","protected":false},"author":57,"featured_media":427946,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10459],"tags":[9982],"class_list":["post-462448","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-news","tag-businesstech"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/462448","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=462448"}],"version-history":[{"count":7,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/462448\/revisions"}],"predecessor-version":[{"id":462492,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/462448\/revisions\/462492"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/427946"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=462448"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=462448"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=462448"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}