By Medicine Hat News on December 28, 2016.
Part of living and working in a boom/bust economy is the inevitable and temporary downturn. Sadly, one of the first things to go in these leaner times is marketing budgets. However, by thinking long term, careful investment in marketing will ultimately assist your company bounce back as the economy improves. Consumers do not stop spending all together when the economy shifts, they just spend differently, so any dramatic shift from your strategic marketing plan will cause your business to miss an opportunity.
For larger brands, a down economy is the perfect time to get back to basics in terms of service offerings and build a campaign that focuses on a central idea that connects each marketing initiative. When it comes to smaller brands, a down economy gives you the opportunity to respond by growing your brand awareness with tremendous additional visibility. It also allows you to be more innovative in your messaging by following a more integrated approach to promoting your brand.
Business owners and managers feel that if they are laying off staff, investing in marketing would be “bad optics.” This is the farthest thing from the truth. When under attack and your market share is eroding, now is the time to put up a marketing fight of your life to ensure your company survives. Companies that invest in their brand when things are less-than-ideal benefit exponentially when things are good, so a proper strategic marketing plan is crucial to navigating any rough times your business is wading through.
Handling a downturn is never easy, but if you follow these tips, it should be smooth sailing on the other side.
Don’t let people or equipment sit idle
This is the time to reinvent yourself or pursue new target markets.
People buy from people
Keep customer relations strong through sales calls and networking.
Use direct marketing tactics
Deploying e-blasts are highly effective and a cost effective way to keep your brand top of mind with your client base.
Invest in digital advertising
This allows you to reach your customers in a very targeted manner; plus you have a great level of control over your spend.
Invest in ideas
Slower markets offer greater opportunities to focus on different segments or benefits, so invest in marketing that is new, creative, or targeted.
Pull ahead of your competition
If they are not investing in their marketing, your competition has left a gap for you to fill.
Most importantly, maintain your strategic marketing plan
A brand’s strength comes from its consistency, even when times are tough. Damaging your brand will only damage your bottom-line in the long run.
This blog was originally published on William Joseph Communications website and the BusinessLink website by Ryan Townend. To view the full piece click here: http://businesslink.ca/blog/importance-marketing-down-economy. As you plan your marketing strategies for 2017, remember that the Medicine Hat & District Chamber of Commerce has several opportunities to market and promote your business. If you would like to find out more, please contact our office at 403-527-5214 or visit our website at http://www.medicinehatchamber.com.
Lisa Kowalchuk is the executive director of the Medicine Hat & District Chamber of Commerce. For more information on this column or the Chamber, contact 403-527-5214.
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