Marketing on a budget: how to create high-impact content in a downturn

Right now, the economy feels a little shaky. With inflation still hanging around, supply chain disruptions, interest rates increasing, and consumer confidence dipping, a lot of businesses are struggling financially. Budget cuts are happening across the board, and marketing is often one of the first areas to take a hit.

But here’s the thing: pulling back too much on marketing can actually hurt more than it helps. History (and plenty of recent data) shows that staying visible during an economic downturn gives you a competitive edge in the present and when the economy picks back up.

Below, we dive deep into why it’s still worth investing in your marketing during slower times, and we’ll share practical, budget-friendly ways to create content that works hard for your brand, even when budgets are tight.

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Why marketing matters (especially during tough economic times)

Marketing is at the heart of any business, but don’t take our word for it. Let the research speak for itself:

A 2022 ROI Genome Intelligence Report report by Analytic Partners found that 60% of brands that increased media investment during the last recession saw improvements in ROI. More specifically, those that boosted paid advertising saw a 17% rise in incremental sales, while those that cut spending risked losing 15% of business to competitors that boosted their spending.

Nielsen data from the same year also revealed that brands who shut down marketing efforts during economic downturns can expect to lose 2% of their long-term revenue each quarter. Plus, when they eventually resume media efforts, it can take three to five years to recover losses resulting from that downtime.

This research underscores the importance of maintaining (and even bolstering) your marketing approach during a recession. While you have to be smart about the way you approach content creation in tough financial times (more on that below), continuing to prioritize marketing efforts clearly pays off, both in real-time and when the economy eventually rebounds.

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What to do when budgets get slashed: play smarter, not harder

If your marketing budget is under threat, here are a few key tactics to make sure you squeeze the most out of every dollar spent. Some things you can do internally while others will require external help. Below, we explain when it’s worth spending on professional business photography and videography.

1. Do a content audit and figure out what works

Start by mapping out your content inventory. Create a folder with all existing content, from blog posts and social media posts to images, videos, case studies, and more. From there, make a note of any assets that need to be refreshed or updated. Next, identify the most important types of content. The best way to do this is through analytics. Look at web traffic, engagement, and conversation rates to determine what assets are drawing in the most attention. This will help you decide where to allocate your tightening budget.

2. Shoot some content in‑house, and outsource what’s most important

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For smaller, lower-stakes content, e.g. “meet the team” features or behind-the-scenes social posts, considering creating it in-house. Film it with a smartphone and edit it with an easy-to-use editing tool.

Meanwhile, for content that has larger reach or higher stakes, e.g. images or video content for a new product launch, key web assets, such as headshots for your “About Us” webpage, etc., hire a professional content creation team.

“If the content will be seen widely, live on our website, or be reused across campaigns, it makes sense to bring in professionals,” shares Caroline Van den Eynde, Director, Sales & Marketing, iQ Offices. “If it’s more time-sensitive or internal, our team can handle it in-house. The key is being thoughtful about where quality has the biggest impact and letting your team cover the everyday pieces.”

3. Work with small content companies over large agencies

Instead of hiring a large agency that requires a sizeable retainer (and often charges extras like account management fees), consider hiring a small photo or video company to create your outsourced content. Smaller content companies often deliver quality without the overhead.

To minimize your spend when outsourcing, you can also negotiate the scope of your projects, e.g. shortening the length of your videos or scheduling multiple shoots back to back so that you can reuse sets.

4. Be rigorous about ROI and measurement

During trying times, it’s more important than ever to set clear goals for every piece of content you produce. These goals can range from engagement and awareness to direct sales. Whatever they are, make sure that you use data to inform your decisions. Analytics can help you decide what platforms, content formats, and types of creative will garner the best results.

When talking to budget approvers, such as CFOs or VPs, use recent stats and brand data to back up your proposed spend. For instance, according to Forbes, “Viewers retain 95% of a message when they watch it on video, compared to 10% when reading it in a text… and videos are shared 1200% more times than links and text combined.” Wyzowl’s Video Marketing Statistics found that “64% of consumers make a purchase after watching branded social videos.”

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5. Repurpose and refresh content

Remember that one simple content idea, such as a product demo video, can be repurposed in a number of ways. For example, that one video can be split up into short clips that get posted on social media, still images from the demo can be used in ads or blog posts, and quotes from the video can be posted in email newsletters. Beyond creating multiple pieces of content out of one, you can also refresh old content. For instance, you can update visuals, quotes, or statistics on old images and videos to give them new life.

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7. Refine your messaging

Last but not least, make sure to refine your brand messaging during tough financial times. Value, reassurance, and trust are more important than ever, so use your content to showcase how your product or service can help people.

“I think the most important place to invest is in the content that really shapes how people see your brand,” shares Caroline Van den Eynde, Director, Sales & Marketing, iQ Offices. “For us, that means professional photography and video for new location launches, big campaigns, and the core assets on our website. Even when budgets are tight, those pieces make the strongest first impression and keep adding value long after they’re created.”

Ready to recession-proof your marketing?

To learn more about business photography and videography services near you, contact Indigo Events.

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