Five Marketing Must-Haves for Surviving the Economic Downturn
Right now, just about every company is concerned about how to survive in the unfavorable economy. Here are some must-haves for your company to consider and emphasize in order to stay afloat.
Brand Loyalty.
During a down economy, it can be tempting for companies to veer away from their brand. We at TradeMark Media have worked hard to build a brand that reflects high quality Web design and development with excellent customer service. If we started marketing our services at a discount, this could affect the way our brand is viewed. The short-term gains of the additional clients could hurt us in the long run since we would have to modify our brand in order to fulfill discounted work.
Staying true to the core values of your company is essential in the current economy. Clients are looking to do business with companies they know, understand and trust. When budgets are tight, it doesn’t mean no one is purchasing. It simply means decisions are being made more thoughtfully. Marketing the core values of your company will go a long way in sustaining your business and earning long-term respect and a lasting reputation you can build on in years to come.
Added Value.
So now that we’ve established that your brand is worth fighting for, what can we do as marketers to help our businesses survive and even thrive in a down economy? I believe the answer lies in giving clients additional value. This is not the time to cut back on your services or offerings. And remember, value can come in many forms, but a good place to start is in your client relationships and networks.
As marketers, we must work smarter and be more thoughtful about staying in touch with our contacts. It is our job to make client and prospect experiences with our company as valuable as possible – and fun. Now is the time to cultivate deeper relationships with clients and provide top-notch service. This way, your clients will come to rely on you as part of their solution.
More Hats.
In most cases, marketing professionals are wearing more than one “hat” at work. Our team at TradeMark Media is an agency of 8 people, so as you can imagine, my job consists of many different tasks. I handle sales, networking, client relationships, marketing and even some PR work –and those were the hats I wore before the economic downturn!
If you want to survive and even thrive with a down economy, it is imperative to wear more hats and channel your efforts into strategic avenues that will result in revenue for your business. Look for new ways to promote your company. Talk with your manager, boss or team to brainstorm innovative marketing ideas, and don’t get discouraged if you’re asked to help with other aspects of the business. These may be areas that will increase your knowledge and give you the opportunity to shine while helping your company.
A Digital Marketing Plan.
A survey of CMOs done in 2008 by GfK Roper Public Affairs and Media in New York for marketing services firm Epsilon found that 75% of respondents said digital marketing would be the last area of marketing they’d cut in this downturn.
Let’s face it, digital marketing is a modern-day marketer’s greatest resource – and I’m not just saying that because I work for an interactive design agency! Web sites, email marketing campaigns, banner ads and social media tools are becoming the standard way we market our businesses and communicate with our clients.
Regardless of what industry you are in, a digital marketing plan is essential for making it through the economic downturn and beyond. Plus it just makes sense financially. Digital marketing cost less than traditional mediums of marketing such as print, and it broadens your reach and scope. I do emphasis “plan” in this point, though. Just like every other initiative, you want your digital marketing plan to tie into your company’s overall objectives and stay true to your brand.
Measurable Goals.
Measurable goals (saying that you want to accomplish something particular within a specific time frame) are a must-have for any marketer and company regardless of the state of the economy. However, those companies that skate by without goals in good economic times will be the first to face trouble in the down economy.
Measurable goals help you stay focused and aware of how your daily activity is affecting the overall success of your marketing efforts and your business at large. It is key to set measurable goals so that you can track your progress and celebrate your successes. Goals can be adjusted and tweaked throughout the year, but your goals should always be set at a place that keeps you striving to reach further and accomplish more.
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About the Author
Jean Conover is TradeMark Media's business development director. Jean works with potential clients to develop new business opportunities and monitors TradeMark's growth strategy.
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Great points Jean. I think many companies need to read the Brand Loyalty section. BMW doesn’t produce a cheaper line when times are slow; they show you why they’re better than everybody else.
Jean:
Great commentary. I will suggest that your 5 “must-haves” are particularly true for marketers at small to mid-sized companies. CMOs of larger organizations must focus on “Measurable Goals”, in an effort to convince the TMT to preserve their “Brand Loyalty”. A Digital Marketing Plan may be one of the primary vehicles to get there.
At the end of the day, in this environment, what we are talking about here is Marketing Myopia… a concept first brought to light by Ted Levitt. To that end, as marketers we must understand the financial implications of such behavior(Natalie Mizik at Columbia has some new research out on this) and know how to persuade our TMTs not to follow that path.
Again, you provide great food for thought…
Bill Koleszar
Editor, The Chief Marketing Officer Journal
http://www.ChiefMarketingOfficer.com
[...] 3. Value-add: Deliver more in the package. Enhance your current services to help clients develop more competitive advantages. Jean Conover, business development director at TradeMark Media suggests: “Now is the time to culti… [...]