Marketing tends to be one of the first things to go during an economic slowdown, but it shouldn’t be. We all know that the ups and downs in business are inevitable, so we should set in place a marketing strategy that is recession proof.
Saving Money Is a Priority
When marketing budgets get slashed, the CFOs are essentially preparing for less cash flow. They are also pulling back their spending on new projects and taking the planning of them in house, if possible. This has been especially true for those in the construction industry. They have to cushion their bottom line during times of a depressed economy.
Marketing Opportunity
In 2005, a year before the great recession, I remember how spending was cut way back in the marketing department of the company I worked for. This happens every time. To make matters worse, pulling funds away from marketing will hurt sales. But it’s hard for CFOs to loosen the purse strings.
So, marketing has to be a priority. That’s why we need to be strategic and plan ahead, because it’s actually a time for more opportunities to outshine the competition.
Digital Marketing
The online world has brought people closer. It’s created stronger relationships between people and the brands they love. All things digital are no longer an option, they are the norm, and they are necessities.
You really need to have your digital marketing game in play prior to a recession. Every aspect of your digital presence should be established:
- Mobile friendly website
- Pay-per-click advertising (Google Ads)
- Search engine optimization (SEO)
- Video
- Email and text-based marketing
- Social media
- Organic search (content marketing)
If you don’t have your plan in place now, there probably won’t be any money for it in the budget when the recession hits. The great thing about digital marketing channels is that they are relatively inexpensive. They tend to be much less expensive than traditional marketing and they are easier to measure, so you can take your great results back to your CFO and prove that every penny was worth it!
Be Innovative
To capture more attention and a little more share of the market, you’ll need to start doing a few things differently. Otherwise, you’ll end up getting the same results you’ve always had, which is typically not what you want during a downturn.
It’s time to get creative and step outside the box. Innovation often comes from shoestring budgets and lots of positive energy. That energy could be the differentiator in a prospective client’s decision.
Start thinking about what you can do that no one else is doing in your industry. Making yourself more available through new lines of communication is one way. Creating authentic client success stories with an original twist is another. Show them that you’re expert in your field. Start telling your story in new ways, on new channels.
Maintaining Contact
One of the biggest challenges for any business during a recession is to maintain in contact with their clients. You don’t want to fall off their radar just because you are doing more with less.
When you maintain a steady presence online and at conferences or events, you’ll stay in touch with your clients. They’ll know that you’re still there for them. Your marketing can do this and there are cost-effective ways of doing it.
Pinstripe has helped local and nationally-based businesses with every aspect of their marketing. We specialize in discovering their personal traits—their corporate character—and putting them on display. Our creative team consists of listeners and discoverers that have an innate ability to help you achieve your vision. Contact us to tell us more about your company and the marketing goals you envision.
