The importance of marketing as the economy bounces back!

RECESSION. We’ve all been hearing about, reacting to, and some people are even hiding in fear of, this economic downturn.

How ‘bout this? Rather than cringing in fear, see the situation as an opportunity to expand your brand’s market share.

Decade after decade, history shows us that now is NOT the time to curb your marketing efforts. Sales and profits can be maintained, and even increased, in recession years!

BONUS: There’s an increased market share seen in the years immediately following a recession for those who are willing to maintain an aggressive marketing posture.

How can this be? Because others follow through with cutbacks that dig into their company’s marketing budget, pulling their promotional efforts, essentially erasing their face from the playing field. We are all familiar with “out of sight, out of mind” and this is true when trying to maintain market share. While others pull back you, by default, move to the forefront!

REMEMBER: When other businesses cut back on marketing and advertising, they are surrendering potential market share. What better opportunity to pick up new customers and increase your brand’s profile in the marketplace? They’re cutting back and you claim their abandoned market share.

RESEARCH YOUR CUSTOMER. More than ever you need to know how consumers are responding to the recession. How are they redefining their values during this downturn? Price elasticity curves are changing and the must-have features of yesterday are today’s can-live-without options. By thoroughly understanding your consumer, you can better target your marketing arrows and see bigger returns on those marketing dollars.

BONUS: The promotions you execute now can be acquired at a lower cost than during healthier economic times. Really? Absolutely! Paid advertising can often be purchased at a much lower price during an economic recession. Media and print resources are also feeling the pinch, creating a more negotiable environment. Some companies, short on cash, may even be willing to barter.

FREE MARKETING RESOURCES abound in today’s society of digital communications. A company blog is the obvious first step. As you develop the blog it can easily be expanded to include more frequent postings to add more readers, interest and conversations.

FREE PUBLICITY through press releases, special event marketing, and community involvement can be powerful market-expansion techniques. Attend industry and non-industry events to reach potential clients through networking. Attend the trade shows on your calendar, even if you have to decline being an exhibitor. You can support and add to your client base with active lead generation at events like trade shows. Make yourself available for media interviews to get your name and business out there; establish yourself as an expert in the field.

REMEMBER: Much of the competition has stepped back or been temporarily reduced. Now is the time for your company to step in and fill those gaps.

Linda, Prepress Specialist