In uncertain times, where the wider economic situation promises a significant degree of turbulence, the response for many businesses is to circle the wagons and cut their marketing budgets.
This can prove to be disastrous, if businesses respond to uncertainty by only concentrating on protecting their income rather than growing it.
What Message are You Sending?
“If things are looking shaky and the future is uncertain, the one thing you should be doing is strengthening your brand. Otherwise, what message are you sending to your customers?”
A brand says important things about a business and its values, therefore cutting back on communicating these values implies a lack of self-confidence.
“It can also drastically reduce your visibility at a time when you need all the exposure you can get."
"During times of uncertainty, you must keep your brand fixed in the minds of your target audience, which means keeping active in your content marketing”
If uncertainty is a worry for businesses, it is also a concern for their customers, who are looking for reassurance.
“Again, the more you work to maintain and improve your communications, the more likely you are to provide a degree of certainty to your customers in uncertain times.”
Another aspect of turbulent economic conditions is that prospects are on the lookout for the best deal they can find, and are therefore more likely to switch their loyalties.
“If you’re not active in your marketing, then how will these prospects find you. Uncertainty isn’t only a risk, it’s also an opportunity.”
Maintaining Forward Motion
The problem with uncertainty is that it encourages stasis.
“Recession itself means the act of receding, and receding is exactly what you’re doing if you respond to uncertainty by cutting back on your marketing.”
The lifeblood of a company is new business, and marketing is the proven means of attracting it.
“Effective marketing and brand-building can do a lot of the hard work for you, cutting down on the drudgery and legwork, and giving your own sense of optimism a boost in the process.”
Uncertainty is also a signal, to review your marketing strategy and start your activity to stay ahead of the curve.
“If others are cutting back, now could be the right time to make your presence felt."
"Be bold, and gain a crucial competitive advantage with dynamic content that is designed to attract, engage and connect with your target audience”
Be Prepared for What’s Next
M3 Media Publishing’s forthcoming Marketing Challenge Breakfast event on March 5 2019, focuses on the value that marketing can bring, even in tough times, and why treating it as discretionary rather than essential, may prove a costly mistake.
To join the event, which offers you the certainty of inspiring company, useful networking, shared ideas and a good breakfast, please book your place here.