During a recession, like the one South Africa’s looking at right now, scared businesses tend to cut back on marketing expenses. ‘After all,’ they say, ‘most customers are becoming more cautious about spending, so let’s conserve our resources, wait out the downturn and have funds to spend when the economy picks up.’ Not true, I’m afraid.
Spend only 1 minute reading the info below and find out what to do instead.
The opposite action is the right one. Smart businesses should expand during a recession, because there will be a shakeout caused by the scared businesses shrinking. During any recession, there are always more than enough clients out there to keep you busy if you continue to market, and market smartly. So capitalise on your strengths, make sure that everyone knows what they are and make the most of your relationships.
Where do I start?
Over the years, hundreds of studies have been conducted to prove that you should maintain your advertising during an economic downturn. The key is to do more with less. Rigorously question your marketing strategy. What is it intended to achieve? How will it encourage brand loyalty? What barrier to purchase does it address? Will it make the brand seem worth paying more for? Or will it create the impression that this is a cheap brand? Because the stakes are higher when money is tight, it's important that you feel confident your investment will provide a good return.
Your focus
Research also suggests that your focus shouldn't be aspirational, optimistic or light-hearted. Rather offer reassurance, emphasise value and empower consumers with information. Now is the time for long copy ads, advertorials and directing your target market to your website – provided that it is rich with info. During a recession, distill your message into essential copy points that best convey your offering.
Build your case
The bottom line? Protect your brand by building a powerful case for its uniqueness. Focus on distinctive attributes, unique enough to keep your customers loyal when budgets are tight. A strong strategy will not only carry you through tough times; it will also strengthen your market position when the shackles of recession are removed. Also, this is an excellent time to refresh your online keyword marketing, because words like ‘quality’, ‘value’, ‘reliability’ and ‘best price’ will become prevalent in online searches.
Above all, stay positive, don’t panic and turn the tide in your favour. If you behave like the scared businesses, or target them, you will contract – but if you market to the smart businesses during a recession, you will continue to prosper. It's up to you.
www.tiffanymarkman.co.za
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