News of economic pressure has been flowing in all the media we dare say the letter "R" word? Well, it is also known that the business world is carefully watching the economy and key trends across the world. Marketers pay attention ... they do not close your eyes ... now is the time to wait SURE!
One person can not change the economic conditions around the world, countries, or even cities. But one person can control his response to the negative economic trends. What can be seen by many as a time to reduce, the economic downturn can be a good time to make a big impact.
Marketing can make a fantastic impact during uncertain times ... The key is to maintain a strong marketing. May be contrary to instinct to "cut" program, the best time to move forward with planning the marketing strategy and objectives. It is important to be able to pay your marketing costs and uses them to make an impact.
Strategize and plan marketing carefully.
Take the time to assess the market and be aware of trends. Changes in consumer spending can be just that.. shifts…not all spending stops. What do consumers want? Provide what your customers will buy….follow trends. If people are spending less each time they shop, perhaps repackaging your product in smaller quantities may be helpful for customers. Now is the time to LISTEN to your customers and RESPOND.
Resist the temptation to discount prices unless it is a well thought out strategy designed to drive traffic for a specific event or promotion. Deep discounting is one marketing strategy that can result in a death spiral for business.
Offer something new and different. Appeal to your customer by providing what they want or need. For example, when fuel is expensive consumers will most likely look for fuel-efficient economy cars or when the housing market is falling, consumers may be more inclined to look for ways to fix their homes rather than buy new ones. Or, consider the 1980’s when airlines created miles-based incentives for travel that changed the industry.
No budget cut backs for marketing! Economic slow downs are not the time for a company to stop their marketing or advertising efforts! If a business does not continue with strong marketing, how will they survive the difficult times? How will new customers find them? Customers need to be assured you are the best choice and are in business for the long haul– no matter the economic conditions.
Go for it! A downturn is a great time to take advantage of decreased “noise” or less advertising. Stand out during this time when other less savvy businesses make a knee-jerk reaction and cut back their advertising and marketing. You may get a bigger bang for your buck and get noticed when competition softens.
History reveals that for marketers who dug in and properly strategized, success was their reward. Now is the time to create a stronger future for your business. During the 1980-82 recession CNN and MTV were founded.
