'Cutting marketing budgets in difficult times is not a good idea.'

A panel discussion titled 'Powerful marketing strategy: A key to success' took place at the e4m Pride of Brands: The Best Of North, Conference & Awards 2023. Industry professionals discussed how marketing affects business and how brands may manage marketing budgets to improve brand performance.

Suman Varma, CMO, Hamdard (Medicine Division), Amit Anand, MD, Apis India, Udita Bansal, Founder & CEO, TrueBrowns, Prashant Sinha, Co-Founder, Momspresso, Raghunandan Saraf, Founder & CEO, Saraf Furniture, and Ravi Singhal, CEO, GCL were among the panelists.

"So I would say top of the funnel marketing spend is something that we would hold on to, but the bottom, you continue to spend," Udita Bansal says when discussing the impact on marketing during difficult times. So, for us, sales are directly related to our digital communication, digital presence, and how frequently and continuously we communicate with our customers. So, direct marketing cut, I wouldn't say that's something we'd undertake. However, top-of-funnel spending is something we would be able to manage. When it comes to marketing spend, I believe that if the information is correct and we keep delivering it through the appropriate channels, the consumer will listen to you. So which channel you would cut marketing cost is crucial, but not all channels would you cut marketing spend."

Amit Anand also believes that the marketing budget should not be fully cut during difficult times, especially for newer enterprises. "When it comes to building a brand, you have to rely on marketing. Even in difficult times, you must persevere. Of course, you do it in good times. However, marketing is essential for distribution, making people aware of your product, and reminding them of everything. So, in my opinion, one should continue to invest in marketing even when circumstances are tough. It's not something that will fade away; you have to make your presence known and remind people that you exist, especially for young brands like ours."

Raghunandan Saraf continued the discussion's related theme by providing an example of how it worked successfully for Saraf Furniture. "Times are difficult when anything of an external nature disrupts the firm as a whole or the industry as a whole. Yes, marketing expenditures are scrutinized, but they should not be. If you cut your marketing budget during these times, it will exacerbate the already dire situation. First and foremost, we worked backwards when the COVID lockdown was removed. We, on the other hand, spent a lot of money on marketing. That worked perfectly for us. So marketing is more about being seen every day, every time a customer is present in whatever medium they are in, and less about sales. At the end of the day, business is at stake, but we must remain visible."