HOW MARKETING FREELANCERS CAN HELP YOUR BUSINESS SURVIVE RECESSION

 Just the word ‘recession’ sees businesses scrambling around to see where best to save the pennies. Naturally companies will look to reduce their expenditure, and this often sees cuts to marketing spend.

But is this a wise move? A report saw that revenue allocated to marketing budgets was already down in 2021 from the previous year, across all sectors, some even by half.

As we move towards the end of 2022 and into 2023, should businesses rethink the cuts to their marketing spend, given the current financial crisis? And should they allocate some of that budget to getting freelance expertise in?

why IT’S ACTUALLY THE PERFECT TIME TO UP YOUR MARKETING SPEND

Arguably during a period of financial uncertainty, a business should be putting more, not less, time into engaging customers with their services and products.

When consumer confidence is low, you need to be giving your customers more reason to part with their hard-earned cash. A company who continues to market themselves during this time will then stay at the forefront of the customer’s mind. So it’s unsurprising that multiple studies show that those brands who slashed marketing spend in a recession fared worse than competitors that didn’t.

WHAT CAN WE LEARN FROM THE LAST RECESSION?

Findings of a study by the UK Institute of Practitioners in Advertising (IPA) showed that the only type of spending in a financial downturn that did make good economic sense, was that spent on advertising and marketing. Those that increased their marketing activity during the 2001 recession , and in turn enhanced their brand image, came out on top in terms of market share for the two years following.

Give the impression that your company is strong, even when times are tough, and customers will feel that they can still put their faith in you.

So all the evidence backs up the importance of marketing spend but who best to deliver that marketing? Many companies have a strong in-house team of marketeers but for those that usually call on the help of the freelance community, is it still worth paying out for their expertise?

THE BENEFITS OF HIRING A FREELANCE MARKETEER

 For both small businesses and large companies, getting freelance help in is often a cost-effective solution to extra manpower.

It’s long been understood that there are vast benefits to hiring a freelancer over a full-time employee. In fact Forbes give 8 reasons to hire a freelancer ranging from faster hiring time to access to the best talent.  No healthcare contributions, no pension pots, no need to pay for their time off.  Plus, with the majority of freelancers working from home they’re not contributing to your bills and overheads, with no need for a desk or equipment either.

These are just some of the reasons that freelancers are appealing to employers and this appeal should only grow during a time of economic uncertainty. Hiring on a short-term or project basis is a great way to budget and have no ties if the economy takes a further downturn. Meaning you can make the most of their marketing expertise with less risk.

It’s highly likely that the freelancer you employ is also giving marketing support to other companies in other sectors. Copywriting for campaigns, designing materials, creating emails, they’re already in the mindset of how best to help those companies to retain their financially concerned customers. They’ve got an overall view of other clever and innovative marketing techniques that competitors are using during the recession. This insight could be invaluable to your marketing strategy.

HOW A FREELANCE COPYWRITER CAN HELP YOUR BUSINESS IN A RECESSION

Harvard Business Review wrote a compelling argument to not cut your marketing spend in a recession and instead change how you spend it. It’s the perfect time to re-evaluate the way that you speak to your customers, show them how you can be there for them and emphasise what your product or services can do. Take the example of a copywriter. There’s no one better equipped to deliver a meaningful message that resonates with the consumer.

The knowhow and expertise of a freelance copywriter cannot be overlooked. One with experience of writing during a previous recession is even more of a valuable weapon in your beat-the-slump armoury. With the knack for tailoring your tone of voice to your loyal (and new customers) they can get your message out there in a way that is convincing, yet still sympathetic to the current economic climate. They can cleverly craft your marketing messages to keep your audience engaged with your brand. When your customers are feeling the pinch, a freelance copywriter knows just what to say and more importantly, how to say it.

So when it comes to reviewing your budget, now is not the time to think of your marketing spend as an optional expense. Tighten your belts, yes, as long as you are still spending in the right places.

Do companies still need marketing freelancers in a recession? In short, yes they do.

Investing a little extra spend on freelance help with your marketing activities really can go a long way. It makes sense for, for example, a freelance copywriter who can speak to your customers in the right tone, to be at the top of your list. Getting the right people on board could be the key to overcoming the decline in consumer confidence and see you through the other side successfully.