Marketing In Uncertain Times: How To Excel

You are reading the #news ? Recession, political instability, invasion …. When the economy is uncertain, customers become even more challenging to persuade. A contracting #economy usually means fewer liquid assets to purchase goods and services, but marketing can help companies navigate this uncharted territory by taking into account changing customer needs. Here are a few techniques that companies can adopt to pivot their marketing efforts during these times:

1. Sharpen your value message.

Still in the area of promoting speeds and feeds? One thing that is key to the marketing of a product is showing how it helps people solve problems. It's necessary to detail what benefits or contributions your product has to offer and what problems it solves.

2. Laser focus on #ROI

When there's no room for error, focus on channels with the highest return on investment. Analyze past data and analytics to help guide your decision-making process. Allocate a limited marketing budget for initiatives that deliver results, investing in channels and content that resonate with your customers.

3. Reduce your spend, but don’t fall into the trap of ON/OFF

The key to long-term success is sustainable momentum. If you suddenly grind everything to a halt, you have to start over from scratch by building momentum from zero. If they haven’t heard from you in a while and your competition continues during these strange times, you may have to re-gain #SEO rankings. You’ve lost your footing; all the good work you did to solidify your position within your market has been washed away in the waves of the current market climate.

4. Recheck your investments in Marketing Automation

When sailing is calm, use automation to your advantage. Marketing Technology can be costly, analyze if the #techstack you use still deliver the right value. Therefore, in times of trouble, it is imperative to be able to manually adjust your marketing.

5. Align your product offering

In a changing environment, ask yourself whether the circumstances that lead to an experience have changed. It’s then all about a quick adjustment. Many airlines have repurposed themselves as air freight companies during the pandemic. Restaurants changed from dining experiences to online fast food deliveries. Looking for a response based on the value promise will keep you on the right track to growth and success.

6. Build an alliance with your #customers

During uncertain times, it is important to keep the focus on human elements in your marketing efforts. These factors are less about what a product can do for someone and more about "we are in this together, and we're here when you need us." Making sure your marketing efforts reflect your organization's values is important all of the time but especially during uncertain times.

7. Test and try

Test and try new ways of marketing your product or service. It's all about trial and error, and if you want to succeed in your business, you need to be open to new ways of doing things.

8. Look at your share of wallet with existing customers

New customer acquisition is costly and time consuming. Generate leads from existing clients and prospects that you have in your database and that know your products or services. Investigate retargeting and remarketing opportunities, shifting more of your marketing dollars toward them as needed. As always, assess your metrics frequently to adjust course to what is working.