1. Your competition is hiding. The landscape is not as crowded. That means your own marketing has a higher probability of getting noticed. In fact, you may be the only company in your product category who is out there in the face of the consumer! In the past, you would wonder how to be different. Now all you have to do is show up.
2. Now is the time you need the business. When the economy is weak, your business will only get weaker without marketing. It is a vicious cycle. Out of sight may mean out of mind…and out of mind can mean out of business. If your competition is hiding, you can have a larger share of mind. Familiarity breeds preference, and preference leads to long-term customer loyalty.
3. Customers are hunting. When the economy dips and consumers move into a state of fear, product purchases are scrutinized and loyalties are challenged. That means you can position your product as a need, not just a want. People are looking for value and meaning. Now is the time to be very pragmatic and honest with your marketing. People are looking for products and services they can trust. While they are hunting and evaluating, you need to be marketing, instead of hiding along with your competition.
4. Attitudes are shifting. What was important yesterday may not be so important in today’s environment. That can indicate new opportunities for your product or service. Take a survey… do some focus groups…find out what is driving the needs of your core customer. How has it changed? Where are the new opportunities? How must your message change? How can you reposition the competition and make your brand more relevant for the next 12 months of economic hardship?
5. Marketing never stops. If you stop your marketing, you are wasting the brand equity you have developed. It is not a start and stop process. Your customers need evidence of product performance and a reason why your product is absolutely the best in the category. When a consumer makes a budget cut, you don’t want to end up on the cutting room floor. That’s why marketing doesn’t stop when the economy is bad. Instead, it is the most important time for your business to turn up the volume.