Tina Rousse

10 April 2017

Why successful businesses invest in marketing during tough economic times

During hard times, the worst thing you can do is to decrease your marketing efforts. The message you’re sending to customers is that you’re giving up and you don’t believe in your product or service. 

In hard times, increasing sales and clients can be much harder. Money is running short and customers take longer to make choices, often delay spending or choose not to spend. This means you may need to work harder rather than decide reducing expenses in this area.

The crucial thing here is to have a marketing strategy followed by a clever 12-month marketing activity calendar. Without execution, your strategy has a small value and without strategy your money spent on execution may be lost.


1.    Build trust

In tough times, you need to raise your integrity before people will trust you enough to spend on your brand. This means increasing your social proof that you have a great product.

Work on your communication to show people that you have an established fruitful track record.

2.    Shout out your brand value

During hard times, people need a strong motive to spend their money. They need an emotional reason backed up by rational reasons, as to how this purchase is related to their values or desires. If your sales are slow, you are not proving enough potential value to clients.

Often your customers will give you your best hints in terms of how you added value to their life – things you didn’t recognize as significant – if you ask them.

3.    Act while your competitors aren’t

Often gaining sales and new clients can be simpler in tough times. This is because many of your competitors may be applying less initiatives and cutting down their marketing efforts, sales teams and customer service levels.

This competitor activity may make it cooler for you to make sales and recruit new customers. If they are overlooking their customers, this offers you an excellent occasion to do the opposite and to invest deeply in shaping stronger relationships with your clients.

You will arise of the tough times a lot stronger and in a much better position than your competitors. It will help you grow and succeed much more rapidly as the market improves.

 

In today's economy, it's not rare for businesses to start looking for options to outsource their marketing. Outsourcing can save you the operating cost of a marketing department.

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