With all this talk in the media about a potential recession on the horizon, it’s easy to think you should start battening down the hatches and even canceling your marketing efforts altogether. Some consultants may even advise you to do so, but I advise you to think this one through before pulling back on any of your marketing efforts. Here are my do’s and don’ts for marketing during a recession.
- DON’T Cancel Your Media
It’s a very tempting because it is such a large piece of the marketing budget. But tread lightly on this one! Consider this, many of your competitors will pull back or quit out of fear, allowing you to stand out and when the market recovers, you are ready to take a giant share of market as you are top of mind. Many industries and businesses are recession-proof such as healthcare and yet many companies pull back – if you are in a recession-proof industry – stay the course!!
If you decide to pull back your media spends, traffic, leads, and sales will slump with it. Measure, measure, and measure again to make sure you are optimizing your spends and investing in the right channels!
It’s important to note, pulling back your marketing efforts can free up some cash for the short term, HOWEVER you will need to reinvest it again to rebuild once you restart your marketing efforts.
- DO Stay Informed on Customer Behaviors
How has consumer and more importantly your customer behavior changed with the market changes? Where are they likely to cut spending? Does your target audience have the financial stability to weather the recession? Is your product or service discretionary? Do you offer additional projects to meet their needs you haven’t marketed? Once you understand how their behavior will shift, adapt your marketing strategy accordingly!
- DO Step Up Your Messaging Efforts
How can you support and add value to your customers during this time? Any fears you need to calm? Are they likely to cancel your service/stop buying your products? Brand reinforcement is critical during this period! Leveraging thought leaders in your company and company social media channels are fantastic ways to reinforce your brand and lead your team and customers through challenging times. Now is the time to speak and lead, not be silent!
Recession is not the time to put your head in the sand – it’s your time to shine, marketers! What else would you add to this list?