I once worked with a great CEO who taught me this: In times of economic downturn, you can tell good businesses from bad from their marketing spend. Badly run companies will cut their marketing budget; well run companies will double it.
I never thought I’d hear a CFO say pretty much the same thing.
In the latest episode of the B2B Marketing Podcast, Donna brought back Ken Spaeth, the CFO at Cutting Tool Engineering magazine, who spoke about on why it is crucial NOT to cut your marketing and advertising to save costs. One consequence is optics: pull back too far and potential clients may think your company is in trouble.
What you should be doing is reviewing the ROI analytics and making sure what you are spending is working. Cut where the spend is not working, double down on where it is.
To learn more, watch here on YouTube or listen via your favorite podcast platform.