Companies are announcing mass layoffs due to the current economic climate to increase their runways and cut spend, with many significantly cutting their marketing departments. However, instead of completely eliminating marketing efforts, companies should shift their marketing strategies to focus on earned and owned media coverage as more affordable and effective alternatives to paid advertising.
In any balanced media strategy, paid media should be included alongside earned and owned media. Whether a brand is large or small, the level of control it affords brand teams, and the affordability of digital media outlets can deliver excellent results.