Maintaining your marketing composure is crucial in times of economic downturns. Countries like Malaysia has experienced several rounds in the past 2 decades and the volatility of the US currency and crude oil prices are not helping.
Recession-proof your marketing campaign
During a recession, most marketers are thinking hard to keep the companies running and stand firm for the entire year. Yes, better times are certainly ahead, however, marketers need to find a way to stay strong in these gloomy times.
Best tips to stay afloat
Here are some tips on do’s and don’ts during the economic down-turn:
Dos to keep your brand relevant
- Tip 1: Focus on the basics 4Ps: Price, place, promotion and product - During recession, marketers should revisit the business fundamentals and be mindful of the 4Ps of marketing. Determine a reasonable price for your product, select the right place to advertise your product, develop an interesting and creative promotion campaign to increase awareness as well as improve and refine the existing product in the market. There is always room for improvement for your product.
- Tip 2: Client retention - Bear in mind that it is more costly to acquire new customer rather than retaining the existing customers. Thus, always keep the current customers’ data up-to-date and secure.
- Tip 3: Offer incentive - It is extremely important to show gratitude for your staffs and clients. Do not hesitate to offer incentive to show that your company appreciates their support. During recession, your staffs will work harder to fulfill predetermined sales target and clients will conduct business with you rather than your competitors.
- Tip 4: Customers are your priority - Always create and offer something extraordinary to your customers that can give your brand a winning edge. Think from customers’ point-of-view. Emphasize on additional value of your product. Offer these values to your customers.
The Don’ts that will damage your brand
- Tip 1: Avoid direct marketing - Most marketers believed that during recession, they should avoid direct marketing. No, that’s not true. Bear in mind that marketers have the ability to produce the best campaign by utilizing the right combination of channels. It maximizes the response rate as well as ROI.
- Tip 2: Stop investing - Marketers should never stop investing on their campaign especially during recession. Usually, competitors would take this opportunity to outperform your company by investing and improving on their campaign. When your company finally realize it, it is probably too late and your company has to fork out extra money and put in more effort to catch up with your competitors.
- Tip 3: Overspend - If you do not have enough cash during recession, forget about your upcoming plans and projects. Cash is the best asset for your company. Save the remaining cash in-hands for better use.
- Tip 4: Too afraid to change? - Refine and improve your marketing campaign from time to time. Accept criticism and comments openly. Do not be afraid to change the marketing campaign. By changing the current campaign, you can attract more new prospects.