How to Change a Marketing Strategy During a Recession
When a recession hits, you don't want business to suffer. The most effective way to protect your bottom line is to create and stick to a strong marketing strategy, which is your lifeline to new and existing customers. When running your business, make changes to your marketing strategy that can increase profits and keep you in business during and long after a recession.
Other People Are Reading
Instructions
-
-
1
Address the new consumer reality. When hard economic times hit, consumers tend to favor high-performance multi-function goods over specialized ones. Introduce new products and services or re-brand old ones as solutions to the recession. A product that offers a broad variety of features is an example.
-
2
Create impact through lower cost advertising and increased air play. Rather than scale down marketing efforts during a recession, scale up the frequency of advertisements. According to "Marketing Your Way Through a Recession," an article published on the Harvard Business School website, "Shift from 30-second to 15-second advertisements, substitute radio for television advertising, and increase the use of direct marketing."
-
-
3
Play up family-focused images in marketing materials. Favor hearth-and-home family scenes that inspire togetherness and familial connection. Such scenes play well in advertisements airing during a recession, as individuals and families tend to look to their inner circle during a economic downturn.
-
4
Stress affordability. Bring in new consumers with deep discounts, attractive sales and huge price cuts. Industry examples include Denny's win a "Grand Slam for a Year" promotion and Subway's campaign to give 71 customers free sandwiches for a year. Both companies incorporate discounts into their marketing strategy.
-
5
Maintain persistent communications with loyal customers beyond weekly circulars. Let loyal customers know what you have to offer and how long it is available.
-
1
Tips & Warnings
Offer an e-newsletter or coupon booklet so customers can qualify for special deals.
