Strategizing green marketing in times of uncertainty: does it pay off?

PurposeThis study aims to investigate the impact of green marketing strategy (GMS) and firms' decision to invest in or divest from green marketing activities during a crisis on business performance.Design/methodology/approachThe study collected survey data from 245 Greek firms during the 2015 Eurozone crisis to investigate the impact of GMS and green marketing investments on firm resilience during crisis. Time-lagged, objective performance data for a subset of these firms helped examine the impact of GMS on postcrisis financial performance.FindingsPursuing a GMS builds resilience, especially for companies that decided not to reduce resources allocated to green marketing activities during a recession. Beyond resilience, firms investing in GMS during the crisis experienced improved financial performance in the long run. Finally, this research proposes a typology of GMS responses during a crisis.Research limitations/implicationsThis study does not specify which types of green marketing activities lead to more investment or divestment during a crisis.Practical implicationsThe study offers insights for allocating resources to green marketing during recessions. Supporting GMSs during unpredictable times is important to successfully navigate performance both during and after a crisis. Six crisis response profiles are offered: green-nonbelievers, dis-investors, reluctants and cautious-, opportunistic- and strategic-green investors.Social implicationsThe study proposes a balanced approach to environmental sustainability, marketing strategy and firm performance during a crisis.Originality/valueThe study argues that GMSs enable firms to survive a crisis and recover from financial shocks.