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five key marketing tips during an economic hiatus

  • keep your finger on the pulse of your clients:  Stay connected!  Disruption changes the way companies do business going forward.  Stay in touch with shifts your clients are making in their products, services, marketing and even their operations so you can provide solutions during that process and be in line with their needs when things get back in full swing.
  • reset your marketing goals, strategies and budget:  You need to look at your marketing plan and redirect it to match the current landscape.  Make a critical evaluation of all of your channels, buying cycles and campaigns. Two key areas to consider:

  1. ROI:  Invest in channels that give you the most return, remembering that your time is money – use it carefully!
  2. Track and Analyze:  Data driven insight will provide direction and reap huge rewards in the end.
  • don’t stop marketing:  The tendency when navigating an unsure economy is to put on the breaks.  This is absolutely not where you want to be!  Brand awareness is even more important when consumers are not buying.  They are still shopping around, looking for insight and planning for when time is right.  Take advantage of this opportunity to be available.  Market when and where appropriate.  And even if you’re budget is tight remember:
  1. Advertising rates are lower during economic downturns due to decreased demand, so it’s a great time to get in.
  2. Less advertising by competitors makes your brand more visible.  You have a better shot at being seen when there is less clutter in the space.

One of my favorite quotes which sums it up beautifully is by Henry Ford:

“A person who stops advertising to save money is like a person who stops a clock to save time.” 

  • think about product innovation:  In the 2009 recession, Amazon grew in sales by 28% most notably by launching Kindle.  This was not a response to increased need for delivery, but rather innovation during a time when consumers were spending less.  Kindle offered a cheaper, easier way to read. Really look at your business in relation to the changing business landscape and consider new opportunities.
  • help!:  There is uncertainty and stress and people are looking for positive reinforcement.  Help wherever and however you can.  Share stories about your company and employees, positive quotes, and good citizens in the community making a difference.  Although this is not conventionally something you would put in a marketing plan, it will make you and your employees feel better and your brand will be appreciated and remembered.
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