Most business owners remember the 2008 crash. House prices fell, many faced redundancy, and businesses struggled as people tightened their belts.
Hyundai, however, did something unusual to respond to this downturn. They created a marketing campaign offering to buy back the cars of anyone who lost their jobs. It was a massive success.
This is an example of how excellence in marketing can serve you well through tough times. Here are some of the perks of good marketing you should know.
Good Marketing Will Keep You Resilient
When economic downturns strike, you need a strategy that will keep you resilient. It will help your business weather the ups and downs you face in more challenging times.
Good marketing means coming up with an adaptable plan for your business. You should be able to pivot quickly and still see results.
But how do you create resilience?
The answer is to diversify your marketing strategy. Storing all your (marketing) eggs in one basket can leave you vulnerable to external forces.
In contrast, when you create multiple marketing streams, you’ll have many options. Plus, if one strategy works better than the others, you can put more effort and marketing into that one.
It Will Boost Brand Awareness
Marketing isn’t always about getting an instant sale. Brand awareness is a long game.
If you can stay relevant with your customers and remember your company, they’ll turn to you later when they are ready to buy.
That’s all about brand visibility, and it’s easy and cheap to do this, even during challenging times.
The bonus of keeping your brand visible is that you’ll buck the trend in your industry.
Most of your competitors will pull back on their marketing budget. It gives you a window of opportunity to become the most well-known brand in your field, ready to reap the rewards during the next economic upturn.
It Helps You Improve Customer Loyalty
Remember that during downturns, your existing customers could use it as a chance to shop around and move to a competitor.
A robust marketing strategy will help you avoid that. Customer loyalty is one of your most valuable assets during trying times.
If long-term customers love you, they’ll be the first to return when things pick up. Plus, you can create a loyalty program that rewards your best customers, like offering exclusive discounts.
It’s an excellent way to boost your revenue when your business is going through a challenging period. Plus, if you wow your customer with a fantastic loyalty program, they are more likely to recommend you to their friends.
You’ll Create a More Efficient Marketing Effort
Downturns force all companies to examine their costs and find ways to cut back.
That’s not always a bad thing. It allows you to take out the marketing promotions that aren’t bringing you a great ROI and focus on the ones that do.
For example, you may have a long-running ad campaign that started well and now shows increasing costs per click.
Reviewing your marketing efforts will help you spot these issues, drop the campaign, and try something different instead. The result is a more efficient marketing effort where your money will go further.
It’s a Chance to Explore New Markets
It’s often during times of turbulence that new opportunities emerge. So, if you aren’t having much luck marketing to your existing audience, why not explore new possibilities?
There may be a new demographic that you can target or a new idea for a product or service. You may even find some emerging markets during times of trouble.
For example, during COVID-19, when the hospitality sector virtually closed, high-end restaurants began shipping pre-made menus to homes.
It became so popular that it’s become a long-term success and remains in demand even though restaurants have reopened. So try and think laterally.
A downturn might give you the best marketing opportunity you’ve had for your business.
It’s a Chance to Strengthen Your Industry Reputation
Downturns often sift the best businesses from the mediocre. It’s an opportunity to let your brand shine with the right marketing strategies. You can create additional offers for your customers to help set you apart.
That could mean new product guarantees, customer service excellence, or fair prices. You could even do something to give back to the local community-which might be a valuable initiative during difficult periods.
Customers will value your consistent approach and commitment to go further. You’ll show yourself as a business that can deliver excellence in good times and bad.
It’s a Chance to Innovate With Your Marketing
View challenging periods in your business as a chance to get creative.
If you have a limited marketing budget or your target audience isn’t responding to your existing promotions, try something new.
It will get your logo and slogan in the meeting rooms of essential clients or on the desk of your favourite customer. It keeps your business at the forefront of people’s minds with minimal effort from you.
You Can Try Your Hand at Digital Marketing
If you haven’t tried digital advertising or marketing, a downturn is an excellent time to start. You don’t need a sizable upfront budget to advertise online. So you can start small and experiment.
That makes it low-risk, which is useful when you’re going through challenges as a business. You can also get creative and try free marketing methods online, such as creating a profile on social media.
With a bit of ingenuity and effort-and some luck-you might even ‘go viral’.
The Power of Good Marketing
It’s easy to create an effective marketing campaign when things are going well. But the true test of a good marketing strategy is whether it works for you during tough times.
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