Make your brand “A King” in an Economic Slowdown: Saurabh Sharma
While pulling back on advertising produces a short-term gain for cash flow, it can easily create a long-term problem for your brand writes Saurabh Sharma, President Goldmine Advertising Ltd & Founder OnPoint Management Consulting.
While some businesses are starting to see signs of an improved economy, as a lot of companies are focusing India as a next destination for starting their manufacturing business, whereas many more still continue to feel the effects of the recent corona impact and other natural disasters. Emotionally It’s going to take a while before the market feels fully charged.
You may have heard several times that you should pull back on your advertising when the market is emotionally down, and sales are sinking. But let’s be truthful to yourself: when cash flow is tight, that’s the first thing you might want to do. But while pulling back on advertising produces a short-term gain for cash flow which makes you live, also it can easily create a long-term problem for your brand and the life of your business.
Why keep advertising when the economy is still slothful? Here are some easy ways.
1. Are you open? Simply put, if you’re open for business, you need to market your business to the new customer or a repeat customer. If you’re out of the vision, customers can easily forget about you or even assume you’re no longer around. In fact, this is the time when you can mark your presence on their fresh mind, secondly If you’re not visible, you may not be considered as a choice when your customers are buying. So, create a connect with some emotional brand building campaign.
2. Bad times = Good opportunities. In an economic slowdown era, some companies will likely pull back on their marketing initiatives, downsize, or even go out of business. When the share pie becomes smaller, your slice of opportunity becomes comparatively bigger, and your odds of securing new customers become greater. Did a competitor withdraw from the market leave an attractive client in need of services you provide? Find out.
3. Repetition works. It is often said that consumers don’t have top of mind recall of brands until they’ve seen it for several times. Without realizing it, people tend to shift over ads that are less familiar and hang around on ads they recognize—so don’t waste your money by advertising once or twice and expect to see direct results. Even unattractive ads and irritating jingles get locked into people’s brains if they’re repeated often enough, and the recall they produce converts into sales down the line. Start the funnel now, so that even if your customers aren’t buying today, you’ll be in their minds for when they are planning. Repetition pays off.
4. Confidence matters. Advertising, particularly is a well-established medium, indicates confidence and attitude in your business. Your visibility in the customer-oriented marketplace lends credibility to your organization and makes people feel secure about doing business with you. Customers want to do business with pioneers, so it’s important not to let your insecurity show.
5. You’re good under the hood. Consumers tend to research and compare their purchases more during difficult economic times. They’ll pay more attention to advertising and take the time to read all the relevant data available on net. Don’t let them free for consideration; instead, make more of an effort to let them know you’re a safe bet and thinking about them in this tough time.
6. Tough times make tough customers. The economy may be slowly recovering, and consumer is bit relax, but until the outlook is rosy, many consumers will pull back on their wants and focus more on their needs. Can you convince your audience that your particular product or service is something they truly need to trigger their inner sense? Consider your messaging and see if you can sharpen in on a vital benefit of your offerings to your end users. Can you offer your customer a long-term benefit or short-term gain? Either of the reasons could make the case for buying them now for themselves or their loved ones. And even in a recession, when people are depressed, people still buy gifts and reward themselves or their loved ones occasionally for working harder. So, it's a golden opportunity for you to capitalize on this.
7. Customers love to jump on a deal. If you fling away from offering discounts, schemes and sales incentives in the past, a slow economy may be a good time to gauge the reactions. The quick rise of attractive discount voucher sites and traffic on social media platforms is a testament to the fact that people love a good bargain—and happy to tell others about them, too. The added urgency of these deals creates a quick outbreak of excitement for your business. Will this tactic harm your brand value? As long as your brand is strong and you have made your customer delighted with services, there’s a good chance that your customers won’t question your quality instead they’ll feel good that they’re getting a “steal” on something they love and appreciate their connect with it.
8. More advertising choice than ever. If cash flow is a problem, you may need to be more creative and take advantage of the growing multitude of advertising choices to keep your business visible by change in the ways of your traditional business from on the counter sale to direct sale. If you need to lay back on expensive media, replace it with non-expensive media alternatives. You might find that moving outside your core media—your “comfort zone”—presents new opportunities and attracts new audiences through collaborative sales effort of combining schemes with other e-commerce platforms like Flipkart or Amazon etc. Social media, emailers, PR, and grassroots marketing tactics are ways in which we should advertise… and keep businesses moving forward. That is the way how you can live up to your brand and up to the expectations of your customers. In-fact you can make your brand “A king” in an Economic Slowdown.
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