How to Market in Tough Economic Times
When times are tough, marketing and advertising budgets are often one of the first places that get cut, but is this really the best decision for the success of your business? If history is any indication, the answer is no. Studies dating as far back as the 1920s have all reached the same conclusion; companies posting the highest sales increases in times of economic difficulty were those that advertised the most. Kevin Roberts, writing for Advertising Age Magazine, explains "Consumers don't stop buying when economies go through down cycles. They look harder for value." The key is ensuring consumers come to you for that value. But, when money is tight, you need to be smarter about the marketing decisions that you make.
Have a Marketing Plan
Many companies look at their marketing on a case-by-case basis instead of having a holistic plan, an easy way to overspend. A comprehensive marketing plan will keep you on budget and get you the most bang for your buck.
Concentrate on Core Values
Reinforce brand values by demonstrating strong consistency of message. Consumers will get a clear idea of what you're about and why they should be choosing you for their specific needs.
Support Customer Loyalty
The last thing you need when business is already struggling is to lose customers to your competitors. Show customers that you value them through directed ads and promotions.
The most important thing to do when the market is down is to maintain visibility. TFT's Turner says, "If you're in a room with 20 people and they're all talking, all you hear is noise. But if 19 stop talking, suddenly the one person who's still talking can be heard loud and clear." Make sure your customers still hear your message, and you can turn tough economic times to your advantage.
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