The first word of advice is…don’t stop.
Brand building, advertising, incentive campaigns, lead generation and public relations often become casualties when a business owner is looking to reduce expenditure but it must be remembered these are the activities which are building your profile, positioning you ahead of your competition and preparing people to make a buying decision.
THINK LONG TERM…Don’t waste what you have already achieved! –
There is enough evidence to show that businesses which continue to promote themselves in the tough times experience better long-term growth than those which do not.
Marketing is a long-term activity and it is important that you maintain momentum.
Consumers need to see and know a brand and its message multiple times before making a purchasing decision. It is more cost effective to continue your campaigns – even at a reduced rate – than it is to pull back or stop altogether and then have to work extra hard to re-establish yourself at the same time as your competitors come back from their hiatus.
Rather than see these tough economic times as a negative, consider them to be an advantage. A time when, as others in your market “take a back seat” on their advertising and special offers, you can accelerate your presence and market share.
EVALUATE. INNOVATE. GENERATE
1. Evaluate: don’t panic about a changing market, instead take the time to understand where it is going and what the key drivers are. Sometimes in a depressed economy consumers will change their expectations and their buying habits. Know what they want. Is it still the same product or service as before? Is it a variation of that product or something totally new? How much are they willing to pay for it and how often do they need it?
You can find this out by simply talking to your customers – you’d be surprised how helpful people can be when you ask for their input, an online questionnaire, via your social media followers or by asking Modemedia to conduct focus groups or market research. The worst thing to do is blindly continue as you were before the market slowed down.