The Importance of Marketing During a Recession
Marketers find themselves in poorly charted waters every time a recession hits the market. Even if you have studied marketing successes and failures of leading brands, nothing can prepare you as the circumstances are not always alike. However, one thing remains. Customers begin to set stricter priorities, reduce their spending and postpone any new investments as well.
A popular adage says, “When times are good you should advertise. When times are bad you must advertise.” In the current scenario that we are in, one thing is for certain. Advertising decisions should be made and implemented, no matter what the state of the economy. Here’s why and how!
- When you choose not to spend on advertising during recession, you are bound to lose your “share of mind” with your customers. This has the potential to bring down your current and future sales. An increase in “share of voice”, even during crisis situations such as downturns is sure to drive up “share of mind” as it is likely that your competitors are cutting budgets, consumption patterns are shifting from expendables to essentials. While a downturn is a trying time for customers and businesses alike, there is an undercurrent of stress and fear beneath that surface. If you are able to tap into and appeal to your customers emotionally, you have a better chance at “share of mind”.
- Analyzing and tracking your budgets are crucial during the recession and digital marketing allows for specific and measurable marketing campaigns. There’s no better way to identify your best performing marketing strategy, reach the audiences you want and deliver compelling ad campaigns. Together with creative merchandising and launch offers, you will be able to innovate for a successful way even during the times of a financial storm. So what are you waiting for?
- Seize market share from timid competitors. During the 1990-91 recession, two leading food chains took advantage of a fast food giant’s decision to curtail advertising spend. The food chain’s sales increased over 60% and the fast food chain’s sales actually declined.
- What’s trending online? The answer to this question holds the answer to all your online marketing queries to start with. Monitoring Google Trends and other related sites is important to know what people are asking about your industry or services at this time. You can begin creating content around related topics and your pages will be ready and available when sales picks back.
Even in the uncertain times of a lockdown, people still search for information online. It’s time to start investing in your web presence. Contact Studio1c for information. We will take a comprehensive look at your entire online marketing presence and create a customized plan suited for your business needs.