Adapt Your Marketing
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However, to effectively manage your business, and to even successfully grow your business during slow times, you need to adapt your plan for the market.
We have been in a global economic slowdown for a number of years; and a number of countries are still in recovery from recession.
There are no recession proof businesses, although some business sectors will weather the storm better than others. Historically, businesses selling 'sin, staples, and small pleasures' will do all right during a recession.
The theory (and practice) seems to be that people need the sin (for example, alcohol, chocolate, cigarettes) and the small pleasures (phone, coffee, hair cuts) to feel better during bad times; and of course they need the staples (food, medicine, shelter, transportation) to survive.
Recession marketing is an approach you can use to address challenging times. Marketing during slow economic times needs to be different than marketing during good economic times.
Marketing Communication Plan
Top 10 Recession Marketing Messages and Tactics:
Do not focus on the recession or slow economy – people know the economy is bad, they don’t want, or need, to be reminded.
If you are perceived to be big business and/or corporate, be prepared for a backlash; during a slow economy, customers, consumers and the general public are not sympathetic to big business (they blame the corporate world for the recession).
If you are a small business owner, be prepared to capitalize on your small business growth. Small and local businesses will be a new trend as the marketplace looks to support its own communities (rather than big, international stores). Your messaging needs to focus on who you are, what you do, and how you fit, and participate, in your community.
Businesses that focus on the community and corporate sustainability (social strategy, economic strategy and environmental strategy – the 'three-legged stool') will win the attention of the market. Develop a corporate sustainability policy and make sure you communicate it to your customers, on your website, to your market.
Do focus your marketing messages on values, life, family and experiences. The me-generation and the focus on self is out; the we-generation is in. Speak from the perspective of, "We are all in this together". Focus on family, the group, the team, the community.
Use messaging that empowers your audience and use messaging that helps your audience feel normal, in abnormal times. Messaging needs to be visual, auditory and written (use radio and television ads if you afford to; if not, use local newspapers, marketing post cards, brochures, posters, auto wraps, and more).
Do focus on high value, value added and low-cost. People want a good deal. The trend is to get a good bargain or to get a good deal. Perceived value and outstanding service is important to sell higher priced or luxury goods or services.
Do use humor in your messaging. Do provide entertainment value in your messaging. During tough times people have a need for escapism; use humor to get your message out to your market. Also consider story telling as a communication technique; involve your audience in your story. Help your audience escape the bad news and realities; help them to feel better and to be more positive about the future.
Networking and relationship building within your community and marketplace are important marketing communication plan tactics during bad times.
Consider your pricing strategy. If your product has a large price tag; make it look smaller. Show the price in monthly payments. Provide extended financing plans. Re-package to look smaller. Big is out (big prices and big spending). And anything that might be interpreted to be excessive. What’s in? Being careful with money/spending, savings, pricing deals and anything that looks like you’re taking this recession seriously.
During recessionary times, the news is typically all bad; lots of doom and gloom. Your marketing communication plan during these tough times must include a re-branding of your business to be more appealing to your marketplace. Re-think the way you market your business.
Businesses that adapt and re-focus their business, marketing and strategic plans can earn business growth and success during recessionary times.
Develop your marketing communication plan to be adaptable to the market and to the economic environment.
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