Newcastle-based digital, social and traditional media agency, Sticky Advertising prescribes the marketing plan you should consider for 2009.
The international economic crisis has been devastating in the US and European financial and housing sectors and all indications are that Australia will also feel some of the pain. Already several large advertisers both here and overseas have indicated they will be cutting back on their marketing investment over the next year, and as the fear of recession spreads its likely that local advertisers will consider following suit.
Traditionally advertising budgets are amongst the first things cut when times get tough, but what should you really be doing for your brand and business to ensure you survive and even prosper during an economic downturn?
Interestingly, this crisis comes at a potential turning point in marketing and media history. Traditional media has been declining over the past decade whilst new media options have been on the rise. This situation could be exacerbated by the economic squeeze as marketers spend less on broad brushstroke measures and focus more on measurable results. (For further explanation of this scenario click here).
Despite the mounting fear I believe that the next few years could present smart marketers and their clients with excellent opportunities for growth and increased market share. Here’s how:
Focus on your brand. Consumers stick with brands they know and love, especially when it matters most. Downturns are the best time to build on your brand, not ignore it. While many of your competitors will instinctively batten down the hatches and hope for the best, you should be investing in a stronger brand recognition. Its a time to really focus on what your brand stands for and to communicate that very clearly. Consumers will be drawn to confident brands.
Better mainstream media value, less clutter. The traditional media were already feeling the pinch and now they are rapidly warning of much lower expected earnings. As nervous advertisers walk away, the media will be increasingly desperate for your dollars. Its a time to negotiate well and maintain a strong media presence. There will be less clutter and more opportunity for frequency. Perfect for your re-focused brand.
Cut back on non-essentials. One area you should be looking to cut back on is peripheral marketing spends. These are the local sponsorships, calenders, random press call for advertorials and supplier funded campaigns and all those other little things that add up to a big waste of money at the end of the year. Just focus on the essentials.
Stand out where consumers are searching. Google is the new Yellow Pages. Most consumers are now researching or even shopping online. They decide what they want, then they start Googling it to find the company who will sell it to them. Will they find you when they do? If you are not on the first few pages of Google then your chances of winning their business are very slim. Good search engine optimisation is absolutely essential for the modern business.
If you haven’t invested in a strong online presence then now is the time. Experts are predicting that marketers will be rushing online to achieve more measurable results during the downturn. If you haven’t established a presence there then your competitors will be winning the business while you twiddle your thumbs.
Build stronger relationships with your customers and prospects. You can do this easily in your day-to-day transactions with existing customers, but online presents another opportunity to steadily build your brand awareness and relationships with potential customers. It can start with your website and the amount of information you are willing to provide, and then continue with regular e-Newsletters and updates.
Social networking sites and tools allow you to monitor, communicate with and assist customers in various ways. Progressive companies like Zappos (USA), Masi Bicycles (USA) and Common Wealth Credit Union (Canada) have employed social media technique to grow their businesses and improve customer relations, with spectacular success. Significantly, this doesn’t have to be an expensive exercise and can be very measurable.
Conclusion
- Focus your brand proposition
- Communicate it carefully but wisely in mainstream media
- Build a strong online presence
- Optimise your online presence for search
- Build relationships both off and online.
The businesses that follow this formula will be in a stronger position to survive and thrive during the downturn. They will increase their chances of growing market share and brand awareness against more timid competitors. Sure, its not going to be a time for crazy spending, but an investment in brand and your digital future should pay big dividends.
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