Marketing in an Economic Downturn
The advantages and How To’s
What could possibly come from efforts to connect with customers when the market is down, when people are spending less, consuming less and looking for more ways to cut back?
Truth is, a bear market creates the perfect environment for a select few businesses to get ahead.
• Because the chatter is down – your competition is pulling back their marketing spend. This creates a better opportunity for your marketing voice to cut through the clutter and actually be heard.
• Your marketing dollar buys more. Media vehicles are ready to make deals.
• Brand loyalty increases and consumers find refuge in your brand.
• Stay visible while everyone else is dormant. At the turn around, your company will excel because you are starting from a slow motion position, not a stop.
• Emphasize efforts you can measure. When there are minimal resources to go around, you don’t have the luxury of seeing what sticks.
• Make the most of free social communication platforms but understand that developing content, posting, monitoring and communicating will cost you resources (time and money) to do it right! And doing it wrong is even more costly!
• Commit to quality not quantity
• Be consistent.
If your brand or business is in the middle of the pack (of your competitors), this is your best opportunity to move up into a leadership position. If your brand or business has a strong market position – it is not an insurance policy against trouble.
Think like a race car driver heading into a sharp curve. Downshift to a lower gear to slow momentum and increase responsiveness. Focus on what your company does best, reinforce your core business, and spend to gain market share.
Keep a keen eye on competition to ensure the best possible line through the curve. That results in setting your company up to accelerate when the economy starts to improve. Like the race car driver: the farther you can see and the quicker you can turn, the faster you can safely corner.
Need a firm that can be your race car driver? Need a firm that can provide integration for multiple platforms? Need pinpoint consistency and measurable results? [Content] Forward can ensure you have race winning visibility.