How To Bring Attention To Your Brand In A Recession?
The dreadful R-Word “RECESSION” is a nightmare for everyone. And it’s almost here.
COVID-19 pandemic has fastened the economic recession several years earlier. In mid-July itself, over 28,000 people have been laid off. Over 66 tech companies have fired employees themselves in 2022. The numbers are concerning, and there are still more black clouds. As an employee, you might be imagining your CEO is ready to hit the trigger – about to start cost-cutting. And the first thing that will hit this recession phase is the MARKETING BUDGET.
But putting the marketing department right on the edge of a cliff is clearly one of the wrong decisions you can take.
Today, marketing has become one thing that can help you to attract customers even in a recession. You can see, even during the pandemic eCommerce businesses were thriving, and that was all because of marketing. Ed-tech increased sales massively by turning towards video marketing.
However, cost-cutting is not a sustainable growth strategy, even if it may seem paradoxical, especially during times of economic downturn.
Do you know why?
When competitors' marketing budgets are being trimmed, marketing possibilities arise. Businesses now have the opportunity to stand out in a less crowded market. By making the appropriate channel and tool investments, they may increase brand visibility.
How come marketing is the first to go under the cutter?
It's quick and simple, for one thing, and you can restart it again anytime (at least this is what most employers believe). This is the reason the marketing department becomes like that RED Button on your that begs you to click it whenever you feel like draining. The marketing budget can be cut more quickly than any other department, and without having to lay off staff (a lot, at least). It would appear that reducing the marketing budget would be the answer to the recession. However, it's not. Long-term costs will be significantly higher as a result of these temporary savings.
It is easy to overlook that there are other factors pushing up sales graphs over time. Furthermore, it could be challenging to understand how marketing help businesses maintain market share. However, consistent brand building, loyalty programs, and weekly promotions all help businesses maintain a satisfied customer base.
If you don't put forth the efforts to serve your consumers' needs, someone else will. Therefore, by reducing your marketing expenditures, you will begin to lose market share in addition to your potential sales growth.
Thus, you need to get right into the right tactics to bring attention to your brand. Let’s cover these!
Top 6 Important Ways To Bring Attention To Your Brand During Recession
1. Laser-Focused Targeting
Marketing and advertising are only effective when you target the right audience. But when it comes to a recession, you need to deviate your efforts towards laser-focused targeting. It is essential for survival in tough times, especially when the marketing budget is the first thing that companies think to slash off. Laser-focused targeting is effective because it prevents unnecessary ad spending.
Thus, you need to change your targeting efforts so your focus is on a particular niche within the segmented audience that has a high rate of conversion. Put yourself in your customer's shoes, feel what they want during a downturn, and then craft a strategy from there. In addition, segmenting your email list based on this targeting will attract the right audience and generate returns.
2. Boosts Customer Experience through Personalized Videos
Genuineness and top-notch customer service are highly valued in today's industry. In this tech-savvy world, customers expect more from brands. Moreover, customers are willing to pay more for a better experience. Thus, it is important to come up with ideas that deliver better experiences so that recession does not affect your company severely. The past few years have tremendously increased video consumption, so, you can use this marketing tactic to create video content that attracts more and more customers.
Remember, customers will be more selective about their purchases during a recession. Ensure that your offerings are of the highest calibre and will satisfy buyers. This makes you popular with your target market because you're offering a high-quality commodity or service. As a company, you should always look for methods to get better while continuing to offer high-quality services. What can you change to improve? How you can help your customers? All of this can be added to your marketing message. To amaze your target market, go above and above at this moment. Make sure they understand how you stand out.
3. Evaluate your Marketing Plans
Marketing plans are the blueprint of your sales strategy. Thus, during the economic slowdown, you need to continuously evaluate your marketing plans and their effectiveness. A strong marketing strategy lays out each and every detail of what your company can expect in the coming time, and it may be subjected to evaluations and modifications based on the market transformation.
Marketing plans that are set in motion and left alone never see the bright light at the end of the tunnel. Thus, you need to continuously review, evaluate, and optimize these strategies to meet the needs of the company and customers. Understanding how your marketing plans work, and whether or not they can deliver the best possible results at disastrous times can save money and time, as well as can thrive businesses.
4. Ensures Customer Trust
Video can establish a human, comprehensive, and engaging relationship more quickly than written content. But in order to portray your organization as helpful, competent, and human, these two media should be used together. You are more likely to build trust if you include informational content. Customers approach brands that offer them the desired information, focus on their pain points, and help them with a solution.
Marketing is all about increasing customer trust and utilizing it to create connections. Showing the human aspect of your company through personalized videos and educational content is a great approach to engaging your audience. These videos can increase interaction and foster a bond between your company and potential clients.
5. Reviews Your Marketing Assets
An ample amount of resources can help you advance your business. Thus, if you place it incorrectly, it will begin to force you down quickly and strongly. To get the most out of your video marketing, you must have a detailed understanding of the requirements, wants, and consumption patterns of your core clients. Maintaining profitability through difficult times will be largely dependent on supporting your brands, which have the best odds of surviving.
These are the products and services you are recognized for, and they will not only allow you additional price flexibility. In uncertain times, trusted brands do particularly well in terms of customer preference, consumer awareness, and new product launches. On the other hand, new brands and companies struggle to gain traction. So, if you are a well-established brand, it is time for you to analyze your in-demand products and focus your efforts on those.
6. Build Customized Touchpoints
Once you start gathering more consumer data and segmenting your audiences, you need to deviate your focus toward customization. Build customized touchpoints. Focus on the long-term. Create personalized communications that you send to customers on an ongoing basis for as long as required. This enhances the experience that current consumers have. You, therefore, develop a strong foundation of devoted clients.
Moreover, it enables you to stay in touch with leads who need more time to decide. You can more effectively create engaging content that resonates with your consumer base by knowing the various requirements and driving forces behind them. As a result, you can foster more consumer involvement and boost loyalty. Remember, customer loyalty is a powerful motor that keeps your firm afloat in tough times when sales slow down.
Market Successfully During Recession
Recession marketing does not imply dramatically altering your methodology or target audience. This is about understanding and re-evaluating customer behaviors, which frequently vary throughout this time. And based on the results-driven changing your strategy to match and succeed even in tough times.
Market research is a vital tool both before and after a recession, but it is more helpful during a slowdown since it helps you determine which platforms and technologies would be most helpful.
As far as we can remember, humans have faced challenges that we have always managed to overcome. The key to success in this situation is to be open to trying new marketing communication strategies and to go beyond what has previously been done. If you put some effort into it, marketing will be beneficial for you in long run. If you have any queries about how to promote successfully during a recession or how to get aid with your next campaign, reach out to us at Support@pixeldino.com.