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We lifted an article from a GSPR Marketing Communications agency and it offers extremely practical advice on how you can stay at the forefront of your customers minds in the tough ecomomic climate.

The overwhelming advice is that you should continue with your marketing and promotional activity even if you have to cut back on what you’re spending. The key is to carry out consistent amounts of quality activity and try to keep at the forefront of your customers mind.

Read on to see what GSPR have to say and don’t forget that the printed word is still one of the best ways of reaching out to your existing and potential customers. Our range of printed products such as our leaflets, presentation folders and postcards can be used in a variety of ways to keep your messages out there. If you need any help with ideas for case studies or customer profiles or any of the ideas below, please contact the team at PrintRobot

HOW TO RAISE YOUR PROFILE AND PUNCH ABOVE YOUR WEIGHT

Too often in a recession it’s the marketing budget that’s first to go. It’s almost a knee jerk reaction for most companies, who view marketing as an expense and not an investment. Despite numerous research reports (like the latest McKinsey one) proving that companies that axe marketing budgets in a recession have either failed or significantly underperformed, most don’t have the nerve or vision to read ‘downturn’ as ‘opportunity’.

So now is NOT the time to disappear from view.  When you really need to stay visible to customers and prospects, re-focusing resources on a sensible PR and communication programme can help to get your business noticed and keep your services front of mind. It’s cost effective and above all an opportunity for smaller companies to raise their profile and punch above their weight.

The key is staying focussed and spending wisely. Here are some practical pointers to what you can do to get your business noticed while others are cutting back:

UNDERSTAND YOUR PROSPECTS

These might be sectors you are already selling to, or new sectors that you haven’t tried before. Determine what’s driving them, the areas where you can add value and shape your offering accordingly.
It’s obvious really but frequently overlooked. Successful companies really know their customers (Think Tesco’s or Amazon). Poor understanding, by contrast, equates to lost opportunities or messages that simply fail to resonate.  At the same time monitor what your competitors are up to – this too can provide ideas.

STAY VISIBLE

Getting your business noticed and keeping your products and services front of mind are crucial. Focus on the print and online media that reflect the audiences you are trying to reach – which websites do your customers/prospects visit and rate?  Which trade media do they read?  If you are marketing locally which business publications and business sections of local papers are there? Be clear about the decision maker you are targetting - the Financial Director, the Operations Director or perhaps the owner manager?  Who influences the decision to choose your products or services?  Understanding your customers and the media they read, can help you reach them. 

ISSUE YOUR OWN RELEASES

Why not issue regular news stories about your services and offerings to these websites and media you’ve thought about?  You could include any special offers and incentives you introduce, plus publicise your customers in contract wins and successes.

Use current events as an opportunity to write for the letters page or to offer opinion or comment on issues of the moment – GET YOURSELF HEARD – it’s not as hard or as costly as advertising and it will carry more credibility!

Use directories - get listed in print & online product & service directories – many are free or low cost.

MAXIMISE SUCCESS & BUILD CREDIBILITY

In a recession customers need assurance they’re doing the right thing.  So build your credibility and their confidence by putting out information that validates your offering including:

·       Short case studies on the customers you’ve benefited

·       Endorsements and quotable quotes

·       Reviews and awards

How?  By putting quotes in proposals, customer letters and in the press. Highlight them on your web site. Send case studies with a relevant topical twist to local and vertical media.

Then capture the coverage you receive – share it with prospects and display it prominently in your web and e-marketing.

WORK YOUR EXISTING CUSTOMERS / KEEP IN TOUCH
Getting new customers on board is important, but focusing on your existing customers, those with whom you have already done business, will pay dividends.  Keep your company visible and front of mind as they are far more likely to choose a company they know than one they don’t.

Keep them updated with what you are doing – personal email or letter works best. Offer special incentives for repeat business. Sharing your knowledge and expertise will help to increase your value to them.

WEBSITE
Get your web site up to scratch. Ensure it’s updated, current and dynamic with compelling propositions for the audiences you are targeting. Include customer endorsements and case studies. Make it crystal clear what you’re offering is, how you do business and how to contact you. Above all make your site easy to find and reference your website in all communications

Over the past few weeks the news has been saturated with bank failures, bailout talks and budget crunches. The fact that we may be about to hit a recession (or indeed are already in one) is touching a deep nerve in our business community. With the threat of recession looming one of the most consistent mistakes businesses make is the reduction or elimination of their marketing activities.

When times are good it’s a given that business market. When times are tough it is even more important that businesses continue to get their message across and stay in touch with their target audience.

The obvious bottom line: consumers won’t buy from companies if they can no longer see or hear from them.

For companies wishing to emerge from the economic downturn stronger and healthier, the message is simple: maintain your presence in the marketplace. By continuing to create noise you will ensure that you continue to gain valuable ground and stay one step ahead of your competition.

How to fight in a market downturn
It is often a fact that during times of economic downturn, companies tend to follow the herd’s direction rather then looking at what strategies would best work for them. By cutting back on marketing most companies leave the door wide open providing opportunity for their competitors. Companies that are able to recognise an impending downturn and implement targeted communication plans while their competitors cut back build very strong brands that they can then capitalise on when the market inevitably picks up. By focusing your marketing efforts on a tighter group of prospects and refraining from combat in marginal areas you can hone in on your target market more effectively.

The top three areas to focus your marketing on are:

Current customers: Up-sell, Resell and Service your existing customers.

Future prospects: who have contacted you? Remarket to those that have previously contacted you and convert them.

80/20 rule:  Focus on the responsive markets and ease up on trying to conquer new difficult markets.

Give yourself a reality check on who your core customers are and focus on these. The easy way to figure this out is to profile your customers to determine their lifetime value and figure out which group you have the most of. Usually 20% of your customers will be making you 80% of your profit.

Marketing tactics to focus on.
One of the greatest challenges in an economic downturn is how to use all available resources in the most efficient manner. Although positioning is always going to be important, the focus of any successful campaign in today’s market needs to implement a performance marketing strategy and to re-allocate budgets to activities which deliver results. Re-use campaign creative work which has already performed well. Just change the images and text slightly to save costs on production. The creative will be refreshed in this process and will probably continue to perform.

Existing customer databases.  Continue and engage in meaningful conversations with your prospects.

Since you do not need to spend huge amounts of time planning and managing extra campaigns, make the communications you are doing better quality by investing more time in them. Speak to your Designers, Advertising Agency or Creative Printers and get some advice from them. You will be surprised in this environment ust how hard they are prepared to work to retain your business.

With the threat of recession looming, branding strategies in this tightened economy may seem like a distant memory. However, to acquire a select focused set of customers is achievable and may be the answer to riding out the storm.

How to outshine your competition
The typical knee-jerk reaction of cutting budgets indiscriminately may not be the best answer, and in fact may have a much greater cost to your business over time. By becoming creative and utilising all the resources you have available you can still snatch market share from competitors with a targeted marketing strategy that delivers results.

We all know that the current economic situation is a heavy load on the shoulders of the UK consumer. Night after night, the evening news bombards us with even more bad news, making everyone wonder how much worse it can really get. Consumers are making tough choices that affect almost every spending category from the essential (food, gas) to the discretionary (clothing, entertainment, going out etc).

Historically, most companies do one of two things during a recession: cut spending and do only the bare minimum until the economy bounces back, or move full steam ahead with their marketing plans, taking advantage of the ability to build or strengthen their brands while the competition is weak.
Unfortunately, too many companies go with option No. 1 and dramatically cut spending. But the irony in this approach is that it can end up damaging a company’s most valuable asset. - Its brand.

When you choose to cut marketing, you put your brand at risk, increasing the likelihood that your brand will lose relevance to your target audience. During a recession, consumers have to make the hard decision of determining whether their preferred brand is worth paying more for. If the brand is truly perceived as a better or even a safer choice, then consumers remain loyal.

If your brand loses relevance, then there is the risk that consumers will leave the brand for lower-priced competitors. The key to making your brand survive–and dare I say even thrive–during a recession is to outthink your competition. Following are three strategies to recession-proof your brand.

First, redefine what value means. Value is not just about having the lowest price. There are many attributes of a brand that can be used to measure its value to a consumer.

Secondly, be unique. Despite cutting back in areas considered luxuries, your customers are scrimping so that they can maintain spending in areas that are considered essential. Make sure that you identify ways of adding value to what you do, don’t simply be one of the statistics.

A third strategy: Reframe your competitive set. During a recession, understanding your customers becomes even more critical. If you think the research you have from two years ago on how they are making choices in your category is relevant, forget it! Go back to the drawing board and watch the trade-offs that your customers are making. One critical thing you may notice is that your competitive set is larger than you think.

A final word of advice. Whatever you do, don’t give up on marketing your business. When you cut marketing during a recession, you stop the conversation with your consumer. You are out of sight and ultimately out of mind, putting your brand and your business at risk. The key is to rethink your strategy. Understand your current target mindset to make sure your message is relevant. Reallocate resources to more effective mediums. Whatever it takes. Use this opportunity to build or strengthen your brand. A recession can be a great opportunity to gain market share and position your brand for the future. So don’t just weather a recession–seize the opportunity to thrive.