When business slows, whether during a recession or even slow months, it can be a time of fear and uncertainty for sure. But it can also be a time of great opportunity. One thing’s for sure, you should NOT stop advertising.
In these times, your marketing needs to be deliberate, lean and cut of all unnecessary dollars that aren’t contributing to your success.
Here are some key questions or elements to consider when reevaluating your marketing strategy during difficult times:
1. Proof of ROI – Diversifying your marketing and being seen everywhere can be a great thing, but often taking that wide, scattered approach can lead to a drain on your ad dollars with a lot of unknowns. This is where digital marketing really sings! If a marketing strategy can’t be measured with real numbers like actual reach and frequency (not projections) and useful metrics like Conversions and Click-Thru-Rate, there’s no real way of knowing whether or not that product is working for you.
2. Hit the Gas – Initial reactions may be to lower your spend on digital or broadcast during a slow-down, but the opposite is actually true. During a peak season, everyone is advertising including your competitors. Usually, the challenge during a boom is finding a way to stand out from the noise and separate yourself from those competitors. But during a recession, when many of those competitors stop their advertising, your business has an opportunity to capture more share-of-voice and finally set itself apart! That increase in SOV will lead to an increase in market share for you both during the recession and long afterwards!
3. Synergy – When you look at every marketing platform you’re utilizing, are all of them using the same message? Are you sure that your radio, TV, print and digital are all working in unison to deliver a consistent message and Call-To-Action to your customers? It’s easy to lose sight of this goal and to treat each platform as a totally separate campaign, but when you unify all of your messaging across all products to be consistent, ALL of your advertising will yield increased results and ROI.
4. Show Value – If you’re not offering your next customer a great deal or a bargain, or if you’re messaging isn’t communicating what a wonderful value you’re offering, you may be reaching your audience but with a message that just doesn’t excite them into action. Make sure your offers are competitive, and good enough to make that customer take action, even if they’re cutting back spending.
During times when you need to be careful with your ad dollars, digital advertising is the most cost-effective and waste-free method to keep your brand visible.
But Wheeler isn’t just a technology partner. Our skilled team of marketing experts can work with you to evaluate your entire marketing plan and budget, making sure that you’re adhering to the best practices above. We offer this consultive approach with no hidden or additional fees for market research, evaluation, etc. It’s just part of our philosophy: We don’t just execute, we educate.