Set Yourself up

Well, here we are. Q1 2023. 

The first quarter of the fiscal year is traditionally viewed as a time to recuperate after the busy holiday season, take stock of the previous year, and begin planning in earnest for the year ahead. But I think it’s also a crucial time to invest in marketing, especially when Q1 happens to coincide with a period of economic uncertainty.

This may seem like a bold statement considering the number of businesses that reduced marketing staff and slashed marketing budgets in the second half of 2022. But here’s the thing: studies clearly show the importance of remaining laser focused on marketing when times are tough. 

With that in mind, here are 5 reasons to consider jump starting your marketing strategy for 2023 ASAP:

Set the tone for the year

‍Q1 is a great time to chart the best course for your marketing and branding efforts for the remainder of the year. What’s more, many of your current and potential customers likely feel ready for a fresh start…meaning this is the perfect time to capture their attention and engage them.

Stand out

When the economy is unstable, it’s tempting to retreat and wait things out. But that makes it so much harder to get noticed. Per Geoffrey Moore, “The key to success is differentiation.” And marketing is one of the best ways to differentiate your business and make it more appealing to others. 

Build long-term brand equity

‍Marketing isn’t just about driving immediate sales. It’s also about building up your brand and increasing its value over the long term. When you focus on building brand equity via marketing, you help to create a positive perception of your brand in customer minds, directly impacting your bottom line. 

Strengthen customer relationships

Focused marketing helps you stay relevant to your customers, strengthen customer relationships, and increase loyalty. By continuing to engage with your audience, you can show them you're still committed to meeting their needs year-round, even when times are tough.

Get ahead of the competition

‍Right now, there’s a good chance at least some of your competitors recently cut back on their marketing and branding spend. Meaning this is the perfect time for you to get ahead of the game. By investing in marketing in Q1, you can differentiate your business and gain a competitive edge.

Before I sign off, here’s a little food for thought from an August 2020 Harvard Business Review article about cutting budgets during tough times. According to HBR, those companies who bounced back the strongest during previous instances of economic instability “usually did not cut their marketing spend, and in many cases actually increased it.” 

The bottom line? If you’re wondering when to invest in marketing, there’s really no better time than the present. And if you’re looking for a proven team to support your needs, why not check out Sheer Havoc? We may know a thing or two about branding and marketing.