Marketing through an Economic Downturn
Paul
When you are reading headlines talking up the impending doom to financial markets and economic activity, it might be difficult to put money into a marketing budget.
The first reaction is to cut costs, bunker down and ride out the storm. Usually that first emotionally charged response is the wrong business decision.
Here is something you should consider before putting a red slash through that marketing budget. Getting to the customer at a time when competitors are falling silent will help to increase market share and your reputation.
In a downturn it’s important to think about the future recovery. If you stop promotional activity, then your business will not grow and struggle in a recovery because you’re basically starting again. Alternatively if you capture more market share in the downturn, then when those customers increase their spend you will reap the benefits.
This doesn’t mean you should start throwing money around. You should always focus on your return on investment (ROI) before and during any advertising campaign.
A shotgun approach might have worked during the better times when more people were willing to part with money. But in a downturn the cash will stop flowing freely and you have to get your advertising just right.
Magazines, trades shows and online are three mediums that can get your product or service in front of the people that you want to attract.
Find those niche magazines that appeal to your target market and have minimal circulation loss. Finding the right magazine to advertise in will put your product or service in front of the right consumers.
Trade shows are another way to increase your profile during a downturn, and find the consumers who are spending. Although many visitors to trade shows may be “window shopping”, the correct positioning will give you exposure and ensure they contact you when they are prepared to buy.
Finally, when you are looking to target your marketing efforts, one medium that delivers the most targeted marketing opportunities is online. Not only has online marketing changed the game, but it also offers you the opportunity to tailor campaigns to improve your ROI.
When the economy starts to get sick using targeted marketing ensures you get to bounce back faster than your competitors and in better condition. So don’t wait and act now for the good of your business and its trading future.
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