Why Market in Tough Economic Times

Ok we have all either heard or experienced the following - “When the economy is down cut or decrease the marketing budget.” This is a very common thought, but one that can cause more problems now and especially in the future. The concept in marketing is to increase ‘market share’ or at best maintain it.

During an economic slow-down it is very crucial to keep your brand and position strong and maintain top-of-mind awareness. The reason can be simple. When the economy strengthens and shows an upward trend and people start regaining confidence they will increase their purchases. If you have maintained your brand and position it is more likely your clients and prospects will contact you first over the competition that did nothing.

So what can you do to keep these levels high? First I would be very cognizant of your budget and think about your expected outcomes. I would establish what a reasonable return on investment (ROI) you should expect and within what time period. Second consider this is the right time to maintain or even increase your direct marketing efforts. Now more than ever a direct marketing campaign to your targeted audience is likely to do more than broadcast media. Also look at the mix between direct marketing, broadcast and public relations. Multiple touch campaigns yield better ROI than stand alone campaigns. I would also NOT do any efforts that are one-time only. The third element should be the correct copy and “call to action” and special attention to the graphic design. Not a time or place to do this casually. You are a professional and need to maintain that image in all your advertising and marketing pieces. At Felber & Felber we are experts on how to blend the right copy and graphics with carefully considered marketing vehicles for maximum impact. The fourth element you should consider is how you will measure these efforts. By establishing ground rules and measuring devices into a campaign you help tweak or alter the pieces for maximum exposure.

Bottom line - don’t put off efforts now as keeping top-of-mind will pay you back quicker and with better results.

Bruce

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