Well extensive research has proven that during a recession one should actually increase investment in the brand NOT reduce it!! Why? Well there are 2, surprisingly common sense, key reasons:

1.       Many companies, as just stated, are cutting marketing communication so advertising “noise” decreases. Therefore those brave enough to keep talking are sounding that much louder and their message is being heard that much more. Since their message is one of the few to be heard by the customer the odds of success are greatly increased.

2.       When money is tight customers think twice before any purchases and so they intensely study a product, service and brand more than ever. Recession cause insecurity amongst consumers. They will focus on the specific qualities in a brand and when customers are in need the brand must satisfy the need.

So sure the recession is a very difficult and unsettling time but it will pass and the advantage is this… if you take on these 2 points and review your brand strategy there is a real chance to build your brand and make it more visible. If you have the courage and battle to keep your marketing budget and spend it wisely the short and longer term opportunities are apparent.

What’s more historical research has also shown that those who have cut marketing expenditure not only lose market share in recession but when the economy does finally recover they lag behind those that didn’t cut marketing spend!

Food for thought hey!!

It simply labours the point in good times marketing is good in bad times it’s vital!

So now I’ve got your attention let me give you a few hints that might help you not only survive but actually thrive during this time:

1.       I know its tough – but take some time out, take a step back and with your key stakeholders, look at your brand. What’s it saying? Is it giving the right message? Is it in tune with your clients needs? Why do you customers choose you over your competitor – play to your strengths and make your customers aware of them in all communication - make your brand identity reflect the strengths.

2.       Don’t panic! Don’t slash prices. If you in a market where many of your competitors are discounting resist it. This is because ultimately no one’s wins this battle and the brand that doesn’t will probably come out stronger because your competition has eroded the quality of their brand by excessive discounting. They may make due for now but as soon as the tough times go they will switch brand again forever seeing the cheapened brand in a negative light. Give your brand some credit as a viable long-term entity.

3.       However, on the flip side if the recession has helped you to achieve cost savings then it isn’t a bad idea to pass the savings on to the customer as long as its sustainable – it will increase loyalty especially if you tell them what you are doing.

4.       Make the brand proposition clear. Consumers will study each brand and make the most rational solution to their expenditures.

5.       Educate your employees on your brand values. Ultimately they are your brand your clients will be dealing with them day in day out so make sure they fully understand the brand and convey the values at all times.

6.       Nurture your customers – e-newsletters, postcards, emails, calls, offers – collect data and develop loyalty to ensure they buy from you again.

7.       Finally be passionate about your consumer – aid them in their difficult buying decisions by providing a strong differentiation in your brand from others and then make sure you deliver 100% on your brand promise!

Ultimately remember this: Your customer’s needs are paramount – make your brand in tune with them and hence focus on the strengths of your brand – this will give you the difference between success and failure. Tough times will not last but the tough brands that listen to their customers needs will.

If you would like to discuss your business and brand with us then please don’t hesitate to call me, David on 01832 280 032 (Peterborough office) or Emma on 01202 258 929 (Bournemouth office).