Times of uncertainty often become powerful opportunities for growth.
And yet, fear of uncertainty can freeze businesses in their tracks.
McGraw Hill Research analyzed recession-dated performance of more than 600 companies and found that businesses that maintained or increased their advertising spend during recessionary periods outperformed the other organizations by over 250%.
By taking advantage of controlling your business category’s share of voice and offering support and understanding to your customers, there is great potential to come out of the current coronavirus crisis faster and healthier than your competition.
Creating and advertising a strong brand presence through economic downfall comes down to a few simple steps:
Concentrate on and reinforce your business’s brand values with strong consistent messaging.
As businesses find themselves overwhelmed by maintaining advertising through uncertainty, it’s important to be reminded of their brand and customer definition. These can be key objectives that maintain success and offer support to their clients.
In an economic crisis, including a “why” statement in your organization’s advertising will lead to customer satisfaction and trust, and keep your business on track.
Localize your brand and integrate your business in your community.
When times of hardships arise, you want to ensure your services are accessible and supportive of the customers and areas you serve. Keeping a “we’re all in this together” mindset will keep you top of mind when it comes time to buy.
Adjust and target your product mix and media messages to support your customers during tough economic times.
During times of uncertainty, it’s important to adjust your products, services, and advertising messaging to meet the needs of your customers. Doing so will greatly enforce your commitment to your clients.
While keeping these three tips in mind, it is important to proactively reach out to your customers to relieve fears and be top of mind when purchasing decisions are being made.
And keep in mind, organizations that continued to invest in themselves during recessionary periods grew at a faster rate than those that pulled backed during times of economic hardship. Let’s learn from the past and walk together through these uncertain times.
* Are you facing challenges managing customer engagement during the coronavirus crisis? Advance Ohio is here to support you! Get in touch with our team today.