Recession Marketing Strategies
2008 November 18
I don’t know about you, but I get asked this question everyday: How are you adjusting your marketing strategy in a down economy?
Here are my thoughts:
- Invest in people. Good people will always figure how to get the job done, even in adverse conditions.
- “All hands on deck.” This means everyone in the organization takes on a sales mentality. Make sure everyone is trained on how to identify a sales opportunity and how to take advantage of it.
- Put together a list of your Top 10 ways to save some money.
- Be consistent. The last thing you want is for your business partners, retailers, distributors, consumers to think you’re panicking.
- Play it safe, but don’t play it stupid. Yes, that advertising buy may make you look good in front of your boss or the board of directors, but is it going to sell product?
- Find ways to engage in conversation with your heavy users and fanatical consumers. More than ever, your brand’s stalkers are going to help you spread the word.
- Get uber-focused on your goals. If your marketing tactics aren’t directly affecting your core business objectives in a positive way, you probably shouldn’t be doing it.
Do have any other points to add to this? Drop a comment if you do.
Make sure that advertising buy has killer content.
I found your blog after John Moore linked to this post and highlighted in particular point #6. I couldn’t agree more. Well said.
I confess I also found you through John Moore. Love the point on #6 and love the term “brand stalkers.” It’s beautiful.
Neal, I just discovered your blog. You’re asking the same questions I am. How does/should the downturn change what we do? Only I’m arguing that instead of playing safe, this is a time for marketers to jump into low-cost/no-cost marketing approaches, which might include blogging, social media and video for Web, to name a few. I took my stab at the big question here, if you’re interested: http://polymerstudios.com/blog/2008/10/07/recession-proof-marketing-%e2%80%93-part-i/
How interesting – I found this blog through #6 on the list (engaging brand stalkers) from the Brand Autopsy blog as well! I also love the Brand Audit on Cracker Jack here on this blog. You’ve definitely got a new subscriber!
Play it safe? I’m not sure. Surely the only way to get the edge in tough times is to try something bold?
I always find it interesting that in a bad economy we gravitate to this type of thinking when we should always be thinking this way. It’s not a bad thing to be reminded that we all need to make sure we are spending our marketing dollars effectively. If you consider the economy as impetus to do something different, I can only think of two things you may do differently. 1) Grab market share if your competition is pulling back and you have the resources. 2) Focus more on value than say premium features. If customers are cutting budgets, value will more likely impact a sale with less willingness to pay that little extra for the niceties.