We’ve seen a few market crashes and economic downturns for one reason or another and whenever this happens there are always winners and losers in every market and this time will be no different.
So how do you become a winner during a downturn?
Let’s be honest one of the first things that businesses look to cut when times are tough is the marketing and advertising budget. I’ve seen it so many times and then I’ve watched those same companies struggle to get their market back when things have turned around.
Have a plan:
This might sound so simple and yet if you don’t have a marketing plan of action for what to do when times are tough then you end up trying something different every day and not doing anything well as well as spending time in areas that are of no benefit. Any business should always have a contingency plan in case their market changes due to circumstances beyond its control. Plan and stick to it.
This is a time more than ever to make sure that you are in front of your clients, prospects and target market to stay at the top of mind and the top of peoples shopping lists. Let everyone know that its business as usual. Remember that your top 10 clients are someone else’s top 10 prospects and now is not the time to lose your most trusted customers.
This is like being visual but goes more in depth. Whatever channels you use you should be engaging with your followers, customers and market and communicating with them as often as you can. Create that community around your brand that you’ve always wanted to (but never put the time to one side to do). Now is that time. Look towards what customer loyalty initiatives you can put in place to look after the customer base that you already have and increase your customer service levels.
Ramp It Up:
Do everything you can now to ramp up your marketing efforts. Growing and succeeding can often be easier in a slow economy than it can be in a steady one. Look at any of the worlds rich listers and you’ll see that they got that way during recessions. Do not hide your head in the sand otherwise when things turn around, you’ll be left behind by your competition that increased their efforts when you made cuts. Remember, when the going gets tough, the tough get going and step up their marketing efforts.
If your business has the capacity to be online, then make sure you are as this will be the way that a lot of people in the current climate will do their shopping. Its also worth pointing out that if people are self-isolating or “working from home” then you can bet your life that they are researching and surfing the net way more than they normally would. So now is the perfect time to educate on your services and or products as well getting your brand in front of the masses.