A marketing campaign will be put to test in a receding economy. Indeed, when businesses are competing for what remains of the market, you have to double your efforts at making the brand enable your business to thrive. A very important issue in these times is to never discount the impact of quality and improving value statements. A good business brand is one that can withstand an economy in recession. In today's times wherein majority of the world is suffering from financial crisis, small and big businesses are feeling the impact of this downturn.
Consumers change their buying patterns during recession, but business owners must remain committed with their marketing strategies. However, you need to make slight and appropriate changes, such as increased sensitivity to this new buying attitude exhibited by consumers. In time of recession, people tend to buy based on logic and needs, rather than impulse or perceptions. Therefore, you have to maintain or improve the kind of value, property, and benefits that your product promises its consumers.
Applying the following practices can keep your business running in this down economy:
Be open to potential new customers: In times of recession, people are in the process of re-evaluating their spending habits. This is your opportunity to come into the picture and offer your business as a possible solution.
Do not change your brand identity: Doing so will reduce the trust you have built on the customers and will also ruin your reputation. You can try to restructure the messages you are trying to deliver but make sure that it stays within the context of your basic brand identity.
Improve your advertising campaign: Your advertising campaign must highlight quality, economic benefits, and real benefits as opposed to appeal to their superficial concerns. You can do this by focusing or asserting yourself on consumers largely affected by recession by offering better value on your products.
Add value to product: If your business' products are mostly high-end (i.e. a product that is one of the most expensive or advanced in a company's product range, or in the market as a whole) do not simply revert to dropping prices. Instead, try improving the value and quality of your products so that customers will have a better quality spending habit.
During times of recession, you have to stay committed in helping your customers attain quality service and products that add more value to their money. This will warm your way to their pockets and keep your business afloat in the stormy waters of recession.
