Marketing Tips to Live By During Crisis Times
For many of us, the world looks completely different than it did just two weeks ago. Even the most cautious of business owners could easily be caught off guard by the changes just unleashed. Many are scrambling to know what to do next, how to simultaneously batten down the hatches without being so overly cautious as to give up before you’ve even begun.
As a digital marketing agency working with a wide variety of businesses and organizations, Z3 Digital always encourages our clients to be intentional about how and where you spend your marketing and advertising dollars. Now, in this uncertain economic stretch, strategic use of resources is even more essential.
Marketing During a Recession – How Does a Recession Affect Marketing?
At the beginning of the last recession, Harvard Business Review published a thorough review of where business owners should focus their energy and resources during an economic downturn. Your first step is the same thing we always recommend: know your customers.
However, in this particular case, the questions you’re asking about your target audience take on a little extra nuance:
- How will they be effected by the economic upheaval?
- Do your goods or services fall in the “expendable” category?
- How can you adjust your offerings to make them more accessible in the economic environment?
- Does your customer base tend towards caution or “you only live once” when it comes to their response to a downturn?
Each of these questions can help you adjust and respond in a timely way.
Assuming you know your audience well, then think about your own messaging. What do you need to communicate to your customers? Stability and reassurance? “Now’s your chance?” There are a variety of value propositions that can help you maintain your edge. If you’re a B2B business, be looking for ways to support and maintain your current customers so that they’re still there when the dust settles. In addition, look for ways that a crisis can drive opportunities. What needs have been created that your business is uniquely suited to meet?
Once you’ve identified your who and what, next take a look at your how. Our final recommendation is, think long and hard about where you put your marketing and ad spend.
First, make sure that your communications with current customers, using channels such as your social media profiles and email, communicate stability and reliability. Second, focus on new customer acquisition, and in a continuum from less to more targeted, double down on those that allow you to get exactly the message you want to exactly the right person. Be intentional about choosing methods that let you target exactly the right audience, with exactly the right message, at exactly the right time.
Be wise, be intentional, but in no case should you panic and pull your marketing efforts just as things get tight. Historically, companies that are strategic and intentional in their efforts during times of economic instability often emerge even stronger on the other side (Forbes).
We believe so strongly in the importance of continued marketing efforts that we’re offering a free hour of consulting with any local business. We’re committed to the economic health of Pueblo County and want to do our parts to help sustain businesses during a time of upheaval.
Please feel free to reach out with any questions, we’re here to help!