When businesses start to feel a pinch during a economic downturn oftentimes the first place they go to save money is marketing. What most businesses don’t realize is that a strong marketing campaign can not only help their business to survive but can actually help them come out stronger then they were. A good marketing strategy is to not depend on just one thing to reach your clients but to strategically target them through the proper avenues.
Jill Tooley has a great article about Advertising during a recession.
In the time of an economic recession, it seems logical for businesses to decrease spending in any way possible. It makes sense to save money instead of spending money. Cash spent on advertising (including promotional products) is often the first to be cut when there are problems with the economy. However, by continuing to advertise—maybe even more than normal—it is possible for a company to bounce back even stronger than it was before the recession.
It makes good business sense to take a risk in anticipation of better economic times. A recession doesn’t last forever! When the economy begins to turn around, businesses that remained aggressive in their marketing techniques will have a clear advantage over their competitors. It is possible to greatly boost company sales over the course of the recession (and the years following) by planning ahead for better times. Advertising investments can also act as a beacon of hope to employees, customers, and investors.
Here is what Harvard Business Review Says about Advertising during a recession.
Companies should bear eight factors in mind when making their marketing plans:
1. Research the customer.
2. Focus on family values.
3. Maintain marketing spending.
4. Adjust product portfolios.
5. Support distributors.
6. Adjust pricing tactics.
7. Stress market share.
8. Emphasise core values.
The big question why? The old maxim being,if you keep doing the same thing over and over again, how can you expect a different result?
What does Diamond Advertising do to help form your strategy? We look at what you are doing, look at successful advertising and marketing campaigns, we take a innovative approach to your marketing wherever possible,, find different ways to get the message across, be unique.
Through all of this what stands out? Content, content, content…..
Contact Diamond Advertising today to help you to build a strong marketing strategy that will give you the advantage over your competitors.