Why Market in Uncertain Times?
5 Reasons to Help You Move Forward
When the economy is strong, business is booming and budgets are flowing, many brands don’t question whether the timing is right to launch a new marketing campaign. But what happens when times are uncertain, the economy takes a sudden turn and the market becomes more volatile?
Although the first instinct may be to freeze budgets, put your campaigns on hold or just try to wait things out, periods of economic uncertainty can actually be some of the most critical times to keep moving your marketing initiatives forward. Here’s why:
- You can maintain brand awareness Brand awareness and loyalty become even more valuable when consumers are more cautious with their spending. Effective marketing can help your customers keep your brand top-of-mind.
- Marketing communicates value Conveying how your products/services provide value and solve challenges for your audience will resonate even more in difficult financial climates. Marketing can showcase that value.
- Competitor differentiation is key When consumers have less disposable income, differentiation becomes even more important. Marketing that clearly sets your brand apart from your competitors can help attract scarce consumer dollars.
- Your brand will stay top-of-funnel If your brand is out of sight, it’s most likely out of mind. Marketing keeps your brand visible — even if consumers aren’t ready to buy yet — and can help you stay top-of-mind until they’re ready to purchase again.
- Marketing supports sales Personalized, relevant marketing can provide better primes for your sales team. This becomes even more critical in difficult selling environments.
With the above benefits in mind, it may be tempting to double down on campaigns already in play, charge forward and hope for the best. But marketing effectively during economic uncertainty also means being flexible and marketing differently. Here are some additional tips to keep in mind while business is anything but usual:
Adapt your strategy to the current market
Pivoting your marketing strategies and adjusting your campaigns can play a major role in how successful your initiatives are when times are uncertain and dynamics are changing — and this includes focusing more on retention versus acquisition.
Spend smarter — just like your customers
When consumers feel the squeeze, they don’t stop spending altogether. They simply spend more efficiently. You can do the same with your marketing initiatives. Since budgets often become tighter in uncertain economies, optimizing spend can actually help you do more with less. Leveraging marketing technology and data can help you target the highest ROI efforts, so you’ll have more insight into where to put your spend.
Remember that economic uncertainty is temporary
It’s no secret that the economy is ever-changing — ebbing, flowing, and impacting brands across every industry. The marketing efforts you put in during uncertain times will not only help you maintain brand awareness and even prosper while things are in flux, but also set you up for continued success for when a sense of normalcy and stability returns.
No matter what shape or form the economy takes, your marketing efforts will continue to support your brand in conveying value, retaining customers and driving qualified leads, which is why it remains one of the most critical and timeless investments you can make.
Have questions about how to best accelerate your marketing in uncertain times?
Feel free to reach out to us any time. We’re here to help.
