Why a slow economy is the right time to invest in marketing
10. Sell Something: Sales are more important than ever. And sales don't happen by themselves.
9. Buck the Competition: Your competitors are cutting back, which represents an opportunity to take market share. With a greater presence in the marketplace, you can collect a larger percentage of customers entering the market and emerge from the recession with a bigger slice of pie. Let your competitors play catch-up.
8. Bargain Hunting: Creative services companies, consultants, printers - all are cutting prices and passing savings along to you. A new website that would have cost $8,000 last year, might cost $5,000 today. Or this may be the chance for you to engage that ad agency that you couldn't afford a year ago.
7. More Media = More Savings: This recession could not have come at a better time for forward-thinking marketers. There are more communications tools available to companies today than ever before and many of them are very affordable. A little research and some time preparing your message, and you could be using Twitter, Email, text, blogs or Facebook to build loyalty or reach customers you never would have before.
6. People are Watching: Even audiences who may not be part of your typical target markets are watching. More eyes are on the business community these days, waiting to see who will fall next and who will rise above. It's time to show your mettle. And remember: it's not just customers who are watching. It's potential employees too.
5. Success Breeds Success: Companies who can show themselves to be strong during the lean times will gain customers, employee loyalty and respect in the marketplace. Use marketing to tell success stories about your own growth or improvements you've helped bring to clients. People love winners and companies that show that they can win when the chips are down will also win when the recession is over.
4. Think Creatively: The best marketing is always based on a creative idea. Slow economies force you to be creative. You can't sell the same product or service the same way at the same price as before. See the recession as a training ground to stretch your creative capacity that might open up to new lines of business or better efficiencies.
3. Keep Thinking Creatively: When innovation succeeds, it invites more innovation. Encourage creative thinking and good ideas will become part of your corporate culture not just during hard economic times but at all times. Likewise, innovation may become part of your identity to external audiences - a company that thrived in the recession because it was agile and innovative.
2. Be the Cream of the Crop: There is a common belief in many business circles that recessions are crucibles that burn away the dross, leaving only the best, most stable companies standing. Show the world that you're not a Johnny-Come-Lately who can't take the heat.
1. Getting a Running Start: Good marketing is about consistency and campaigning. Building a strong brand and ad campaign takes time. If you get the ball rolling now, you'll be at top speed when customer purse strings start to loosen - while your competitors are still in "recovery mode."
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