Recession Proof Your Marketing
The fear of a recession is real, and there is a large debate on whether the downturn will begin this year or next. This means a potential decrease in consumer spending, fewer products and services being sold by businesses, and more job loss are all on the horizon. Very often during times of economic downturn, marketing is first on the chopping block. Today, I’m encouraging you to prepare to take advantage of the impending recession to help your business increase sales and build market share. How? Don’t stop marketing!
Many studies have found that companies which continue to market and advertise during a recession gain cash flow from its customers, build brand awareness and trust, and outperform its competitors – while building on that momentum for years to come. And oftentimes, companies serve as a valuable resource and advocate for those affected most by the recession. How? When others pull back on their marketing, you are able connect with more consumers and point out the value your products, services, and brand provide.
For example, when the economic downturn hit in 2008, a financial services client of Chartwell’s decided to grow its marketing efforts rather than shrink like its competitors. The ambitious approach allowed it to be a voice of reassurance and leadership during a volatile time, and not only maintained its market share, but grew it substantially and set itself up for long-term success.
And it makes sense: When competitors cut back on marketing it opens the door for others to reposition themselves, standout in the marketplace, and capture new customers. Plus, with increased market share, organizations can project an image of corporate stability during difficult times.
Your business will do better in a recession if you prepare now by thinking differently about the value your brand, products, and services can provide to customers in unstable times. Start by reviewing your business goals. Can you reach your goals if you continue business as usual during a recession? Probably not. Consider what your customers will need most and adjust your business goals to better meet their needs.
For example, if you are a credit union or community bank, reassess the loan products you’re planning to promote in the next six months to a year. Consider launching a personal loan campaign or refinance campaign to help people save money and better manage their day-to-day finances. If you have financial coaches or advisors on staff, can you prepare to launch a free service to help your members/customers budget for/during a recession? Price and value are major motivators, so ensure your offerings check off those two boxes.
By planning ahead, identifying the value you bring to individuals and families, and developing goals and marketing strategies that will resonate with your audience during a recession, your organization will reap the benefits – both over the short- and long-term timeframe.
At Chartwell Agency, we have a team of marketing and public relations experts that can help to develop a marketing plan aligned with your business goals. To learn more, connect with us today!
