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As the nationwide lockdown continues to devastate the economy, a strong marketing strategy may be the last thing on your mind. Millions of businesses across the country have made deep cuts to their marketing costs in an effort to combat the quarantine’s strain on their profits. For those unfamiliar with marketing, it makes sense - why focus on marketing now, when customers can’t leave their homes to buy your product?
This line of thinking can have lasting negative effects on your company’s future. While saving money on marketing may seem like a quick fix, it will ultimately hurt your business when the economy rebounds. In fact, the current business climate provides a few advantages that make marketing right now easier than ever!
If your marketing strategy is weak, ineffective or even non-existent, now is the time to start ramping it up. Here’s why:
You’ll Get Ahead of the Competition
The best time to get ahead of the game is when there aren’t as many players. Right now, many businesses have taken their foot off the gas when it comes to marketing, making it easier for you to get several laps ahead. Think of it like the tortoise and the hare - while the competition is taking a break, you have the opportunity to blow right past them.
Take this example from Forbes:
“During the 1990-91 recession, Pizza Hut and Taco Bell took advantage of McDonald’s decision to drop its advertising and promotion budget. As a result, Pizza Hut increased sales by 61%, Taco Bell sales grew by 40% and McDonald’s sales declined by 28%.”
It’s clear - those that employ a strong marketing strategy right now will come out on top financially.
You’ll get a Strong ROI
Less competition for your business means less “noise” in the industry. As competing businesses go silent, the constant race for attention from customers and search engines slows down. Ultimately, that leads to a better ROI on your marketing strategy. You’ll find that it’s faster and easier right now to show up in search results, grab consumers’ attention, and turn your market spending into increased profits. Developing a strong marketing strategy now means getting more results for less money!
Maintain (And Gain) Customer Relationships
It’s no secret that consumers buy more readily from brands they can believe in. Right now, consumers that feel isolated are desperate for connection - with people and brands. Failing to market effectively right now may sever valuable connections with current and future customers that could help you weather the economic storm.
A strong marketing strategy does more than make quick sales - it connects with your customers, increases awareness of your brand and creates a long-lasting business image that will remain long after the country has reopened.
Come Out Of This Stronger
We’ve shown how brands that increase their marketing efforts during a recession come out stronger financially than they were before. But it’s not just a matter of profits - businesses that employ a strong marketing strategy during this challenging time will also come out stronger in their customers’ minds.
Businesses and brands that are ineffective at marketing - or worse, radio silent - during this time will find themselves scrambling to do damage control with their customers when it's over. They’ll have to recapture their audience’s attention, explain their vanishing act and regain their trust. That’s going to make regaining their profit margins even harder.
Businesses that keep a strong marketing strategy will save themselves that daunting hurdle. By building a strong brand image and staying active in your customers’ minds while things are slow, you’ll be able to hit the ground running with promotions and CTA’s as soon as possible.
If you need to develop a strong marketing strategy, we can help! We offer expert marketing solutions in a variety of areas that will take your business to the next level, both now and in the future. Contact us today!