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“We’ve learned from the pandemic that it’s really important to invest in the drivers of revenue and growth,” Balis said in an interview with Cheddar News.
Balis said a lot of companies underinvested during the last recession and struggled to come back from it.
“It was incredibly expensive for them to win those customers back,” she said. “It’s much easier to keep the customers you have than try to buy them back later.”
As some companies start to make cuts, such as with advertising spend, Balis said there is an opportunity to stand out in the market.
“As people exit during the economic downturn, there are going to be a lot of opportunities to buy media and market more effectively than ever before,” she said.
Kellogg’s Chief Marketing Officer Charisse Hughes agreed with Balis about investing in marketing now.
“We, as Janet said, believe that advertising impact increases during a recession because there’s less noise in the marketplace,” Hughes said. “We would hate to cede our brands to our competitors, so we’re doubling down on investing with our brands. This is the perfect time for us to continue to win share.”