6 Top Tips for Recession Marketing
8th April, 2009
Times are tough for everyone regardles of industry sector so hera are a few marketing tips that you should consider to help you through this recessionary period.
1. Look at every aspect of your brand or product and ensure that marketing makes it indispensable, particularly when compared to the competition. For example in the nineties recession consumers started to get rid of their credit cards so Barclaycard advertised additional services (remember the Rowan Atkinson campaign as the bungling spy with his side kick 'Boff') as a consequence Barclaycard became the market leader.
2. Be innovative with your products because even when consumers are spending less they still like innovation and are prepared to pay for it. For example, Apple's iPod was launched during the downturn of 2001- need I say more.
3. You must take advantage of lower media costs (especially television advertising) to build market share with increased share of voice: I have harped on about this alot but there is much evidence to demonstrate that short term cuts in marketing budget lead to longer term declines in market share. There is a strong correlation between increases in share of voice and growth in market share.
4. Change the value perception that your customers make about your brand, goods or services. Customers are looking for different value propositions in recession and are continually seeking out better value. Companies that recognise the need to make their brands appear like better value will do well in this climate. For example, Marks and Spencer introduced the meal for two for £10, repositioning the store as a cheap alternative to a restaurant rather than an expensive food retailer.
5. Aim to be twice as creative because great ideas don't necessarily rely on the size of the budget; a cut in marketing budget does not mean reduced creativity in your marketing communications. Find interesting and compelling elements of your brand or productand give that more exposure or look at changing the media mix or adopting different behaviour to your competitors can also gain attention.
6. Look to the web, as a little investment online with a new website design or more SEO activity can have great results getting your brand out there at the time that customers are actually searching for your products. Getting on page 1 of Google isn't something that happens overnight but by having a regularly updated blog and news section gives your site fresh content that encourages the Google spiders to come back again and again.
There is no quick fix or simple solution to marketing in a recession but one sure fire way of coming a cropper is to dramatically reduce your marketing activity as you will effectively end up ex-directory.