During a down economy, people tend to reduce spending and stockpile money and supplies. Consumers have a sense of panic, and marketers may think they should be cautious during uncertain times. While it may make sense to cut some expenses, a down economy is actually a good time to invest in marketing and advertising. The best way to make money is to spend money.
Why Continuing to Invest in Advertising Makes Sense
As consumers reduce their spending, marketers notice their sales dropping and often react by slashing prices and cutting costs in all areas. Since so many businesses cut their marketing budgets during a downturn, advertising becomes less competitive. When you continue to invest in advertising, you’ll find better rates and room for opportunity.
Businesses that cut back their advertising reduce their online presence and are no longer top of mind for their customers, leaving a gap for competitors to fill. Continuing to invest in advertising helps you project an image of the strength and stability of your company during challenging times.
Connecting With Your Audience
Knowing your audience is central to successful marketing. During a downturn, it’s important to deepen the conversation. Pay attention to where your target audience is spending their time and what they’re saying. Social media makes it easy to connect with your audience and get in touch with what they’re experiencing and what they’re looking for. Be consistent with your branding and keep engaging with your audience.
Scalable Marketing Tactics
Keep in touch with your existing customers by sending emails letting them know you appreciate them and offering exclusive discounts for loyal customers. Be sensitive to the moods of your customers and send messages that are positive, encouraging, and empowering.
One tactic to consider is buying ads from publishers with large subscription bases and testing ads on small portions of these large audiences. Ads with a good response rate can be sent to a larger group.
Even in a down economy when you find advertising strategies that work, think about investing in more advertising using the same strategies. Going all-in on strategies that give good results can lead to a huge return, especially during times of lower competition.
Avoid Herd Mentality
Listening to conventional wisdom isn’t always the smartest approach when it comes to marketing. It’s important to avoid herd mentality and focus on finding the best strategies for the success of your business. Fine-tune your advertising by trying and testing different variations.
Get Ready to Realize Your Online Potential
During a downturn, it’s possible to not only stay afloat but to grow and thrive. It makes sense to continue to invest in marketing, and Softline Solutions can help you get the most out of your marketing budget.
Whether you’re just getting started or looking to improve your techniques, we can help you grow your online presence. Helping businesses grow and thrive is our passion. Contact Softline Solutions today to set up a consultation.