Economic uncertainty has a way of making every business decision feel heavier. When budgets tighten and confidence dips, it is natural to question where your marketing spend should go, or whether to pause it altogether.

For SMEs in particular, these decisions often carry more weight. With tighter margins and fewer resources, every investment matters. And with UK marketing budgets recording their first decline in four years at the start of 2025, many businesses have been feeling that pressure.

That said, the picture is not entirely one-sided. By early 2026, IPA Bellwether data was reporting a modest net increase in total marketing spend, with the Chartered Institute of Marketing (CIM) describing it as more of a cautious recalibration than a full return to confidence. In other words, businesses are not switching everything off, but they are thinking more carefully about what they choose to invest in.

So, the question becomes: how do you protect your marketing budgets today without creating bigger challenges for yourself further down the line?

What the research says about marketing during downturns

One of the clearest themes across marketing research is that going quiet during uncertain periods can often make things harder in the long run.

Research from Peter Field and the B2B Institute found that businesses which maintained their marketing activity during difficult economic conditions achieved significantly stronger performance, with around 4.5 times greater annual market share growth compared to those that pulled back.

This becomes even more relevant when you factor in the idea of Share of Voice, which is essentially how visible your brand is compared to your competitors within the same market. When several businesses reduce their marketing activity at the same time, those that stay visible can often strengthen their position without dramatically increasing their spend. It is less about outspending others and more about simply showing up when they do not.

For SMEs, this is worth thinking about carefully. Reducing your marketing budgets too heavily can reduce short-term visibility, whilst giving competitors more opportunity to capture attention. And rebuilding that awareness later often requires more investment than maintaining a consistent presence would have done in the first place.

Of course, this does not mean businesses should ignore the reality of tighter marketing budgets. According to the WARC Marketer’s Toolkit 2026, marketer confidence dropped by 11 points compared to 2025, reflecting just how much uncertainty many are still navigating. But understanding the trade-offs can help you make more informed decisions about where to place your efforts.

Why buying decisions are changing

If you are wondering whether staying visible actually makes a difference to how customers choose who to buy from – the short answer is yes.

Google’s widely referenced Messy Middle research found that purchasing decisions are far from straightforward. Rather than following a simple path, consumers tend to loop between exploring their options and evaluating them before arriving at a decision. Within that loop, they are far more likely to choose a brand they already recognise and trust, even when a competitor appears to offer something better on paper.

The CIM’s buying journey model supports this further, showing how customers move through multiple stages – from awareness and consideration, through to purchase and advocacy. Businesses that maintain visibility throughout that journey tend to build stronger long-term recognition than those relying on occasional bursts of activity.

In practical terms, this means that the businesses which keep communicating consistently are more likely to be front of mind when customers are ready to buy.

How consumer behaviour is shifting

It is also worth noting that consumer behaviour has shifted considerably in recent years – not just in terms of how much people spend, but in how they decide where to spend it.

McKinsey’s State of Consumer report highlights that whilst more consumers are actively seeking value, this does not necessarily mean spending is declining overall. Instead, people are becoming more selective about which businesses they choose to support.

Increasingly, factors like trustworthiness, authenticity and alignment with personal values are playing a bigger role in purchasing decisions. And for SMEs, this is actually encouraging news. Local presence, personal service and genuine human connection are carrying more weight than they used to, particularly during periods of uncertainty. McKinsey’s findings suggest that 47% of consumers globally now consider locally owned businesses to be an important factor in their purchasing choices – a figure that has been rising steadily.

For smaller businesses, this is an opportunity to compete on something other than scale or price. It is an opportunity to lean into what already makes you different.

What this means in practice

When markets feel uncertain, reviewing your spend carefully makes complete sense. But visibility and consistency still matter, perhaps even more so during these periods.

Whether it is your marketing budget allocation, your understanding of how your customers are buying, or the channels you are using to reach them, businesses that continue showing up with clear, consistent marketing activity are often the ones that come out the other side in a stronger position.

It is not always about spending more. Sometimes, it is simply about maintaining your presence, staying connected to your audience and continuing to build familiarity, especially when others have gone quiet.