We are in a complicated time when it comes to consumption. The Organisation for Economic Co-operation and Development (OECD) predicts a general slowdown in the growth of the world economy until 2023. The global increase in GDP will be 2.2%, but a recession is predicted in Europe: in the United Kingdom and Germany there will be a contraction of -0.4% and -0.3% respectively, while Spain will grow much more slowly than in 2022 (1.3% compared to the 4.7% with which it will end the year).
The combination of rising living costs and economic pakistan phone number list slowdown usually leads to a decline in consumption, which has a direct impact on the business activities of many companies and therefore also on their digital marketing strategies. customer search in times of economic crisis? We give you some answers.
Stopping advertising spending: a great (and dangerous) temptation
As was the case during the supply crisis, concerns about declining business have led companies to make cuts to ensure profitability. It is not uncommon for companies to view their advertising spend as expendable and decide to cut it. With this in mind, we should remember a traditional industry adage:
"When times are good, you should advertise. When times are bad, you have to advertise."
Stopping online advertising campaigns not only has negative short-term consequences, because the traffic, leads or sales generated through this channel abruptly stop. In the medium and long term, it destroys the integrity of data collection and hinders the progress of the automatic learning of the algorithms behind the Martech tools used to manage the campaigns.
This means that when advertising resumes, you will have to start from scratch, and in a much more disadvantageous position. Not to mention that if a brand abandons its online presence, a savvy competitor may seize the opportunity to fill the gap.