Guide to Marketing & Advertising During a Recession (Part 1)
During times of uncertainty, an instinctual reaction might be to stop the implementation of your marketing plan and conserve resources. Careful. The actions that you take now will have a lasting long-term impact on your brand beyond the period of uncertainty. Instead of falling back, recommit to your values and reevaluate the market. There may be new ways to optimize your product and pivot your strategy. For example, during the 2020 COVID-19 quarantine, many restaurants pivoted to offer takeaway for the first time. Small brick and mortar businesses started offering delivery and promoting gift cards. Waffle House began offering their waffle mix for sale online, and they sold out within hours. Consider Propr’s six ways to market during uncertain times like you give a shit.
When times are good, you should advertise. When times are bad, you must advertise.
1. Gut Check
According to a McGraw-Hill research study, sales of companies that were aggressive recession advertisers had risen 256% over those that didn’t keep up their advertising.
2. Stay Top of Mind
White others cut marketing, use effective positioning and communication to increase critical brand awareness (known as share of mind).
3. Bang for the Buck
The cost of advertising drops during a recession. And while the price drops, more people are on their devices and online.
LOW COSTS + HIGHER ENGAGEMENT = BIG ROI
4. Think Long-Term
Reevaluate and change your ad messaging and incentives while continuing to focus on your value. Don’t abandon your long-term strategy!
5. Be Entrepreneurial
Fact it; Things are different. So, look to your people, products, and services for opportunities to develop and promote something that, in these time, is more in demand and valuable.
6. Show Gumption
Use common sense with your messaging and tactics and empathize more deeply with your audience. Don’t do something stupid to damage your brand.
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