But firms are being warned that making cuts to one area in particular could prove to be “the most expensive decision of all”.

When it comes to cutting costs, marketing budgets are often first to go, explained Paul Hutton, managing director of Norwich-based marketing and PR agency Four.

“Marketing is often seen as a variable cost – a luxury to be reduced rather than a lever for survival and growth," he said.

“But this is not just economically flawed thinking – it’s strategically dangerous.”

Paul Hutton, managing director of Norwich-based marketing and PR agency Four (Image: Supplied) The Oxford dictionary defines marketing as 'the activity of presenting, advertising and selling a company’s products or services in the best possible way'.

And 'to market' means to 'advertise a product in a particular way in order to make people want it'.

Businesses are under pressure and are crying out for customers more than ever. So why is it that the marketing spend is often first to face the chop?

“At a time of economic uncertainty, rising operational costs and global political volatility, businesses face an uncomfortable truth: doing nothing or cutting back on marketing and communications may be the most expensive decision of all,” said Mr Hutton, who has over 25 years of industry experience working with global brands like Nike, Procter & Gamble, Nestle and Airbus.

“In today’s world, marketing must sit at the heart of business continuity and influence.”

Paul Hutton, managing director of marketing and PR agency Four (Image: Denise Bradley)

The world has changed in recent years.

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