It’s a new year, but the economy is still in a bit of a rough patch. Does that mean you should cut your marketing budget? Not necessarily; research shows that companies who continue to market see a growth in sales. Here are some tips to consider when marketing during a recession:
- Focus on family values- During hard times, we tend to look towards our families. When designing advertisements, stay away from images of extreme sports, adventure, and rugged individualism. Instead, focus on hearth-and-home family scenes (as long as that fits your brand, of course).
- Maintain advertising spending- Companies that continue to spend on marketing can improve market share and return on investment. Since other companies are cutting back, your advertisements will reassure customers by increasing product awareness.
- Make things memorable- The best use of a limited advertising budget is to make your campaigns stand out. Narrow your media choices in order to advertise to your core audience so your message is sure to penetrate.
Successful companies do not abandon their marketing strategies in a recession; they adapt them. Let Northcutt Media help you market through these tough times.
January Links:
During bad economic times, companies that continue to market see growth in sales. Analyze your current marketing plan to discover options that cost less, but give results.
Companies need three characteristics to market during a recession: your firm needs to already value marketing, you need a culture that’s bold enough to increase marketing, and you need to have the capital.
Eight factors to have in your marketing plan during a recession.
Motivated employees can help you be more creative when marketing in a recession. Creative thinking and increased employee morale can offset the negatives of a recession.
Avoid cutting back on marketing because consumers are spending less. Instead look at the recession as an opportunity to increase awareness.
When cutting back on marketing, focus on advertising that gives the greatest return on investment. Target your audience effectively by making your ads stand out and placing ads in the right context.
{ 0 comments… add one now }