While your competitors are cutting down their marketing spending, you will do better if you keep your brand, product or service in front of your audience throughout the recession. Market share is won during downturns. If you play your hand wisely, your company will come out of a downturn in better shape than before it.
The first reaction of many companies to dwindling business due to an economic downturn-such as the one we are in now-is to cut advertising and marketing spending. Or they may try to slash their prices to keep buyers active. Or they let employees go to save fixed costs. Does this sound familiar?
Although all of these methods may at first seem to improve profitability, they may seriously hurt your business and your market share. Let’s examine the threats a little more closely.
No visibility, no business
Because your customers are trying to save costs as much as you are, they need to be constantly reminded of your existence and the benefits you can provide them. If you reduce your marketing spending drastically, you will completely disappear from their sight. How will that make them buy from you?
Low prices will stay low
Companies who go the price-cutting way may at first have success in getting sales during the recession. This, however, is a double-edged sword. First, does the price cut really result in so much more sales volume that it will produce better income than keeping prices at their present level and accepting the drop in volume?
You should also consider what will happen when things turn for the better. How do you persuade your customers that the product they bought for X dollars a couple of months ago is suddenly worth X + something today? Plus, if you slash your prices, there’s always a competitor who can slash them even more, leaving you stuck with both non-existing buyers and a low price.
Kick out your experts and you will have none
While trimming the fat is a good idea (although you should have thought about it in good times, not only in the face of an economic downturn), don’t resort to panic tactics in your Human Resources. If you let your experts go to save money, you will have no experts available when business turns for the better. Hiring is a long and costly process and may significantly slow down your recovery.
Note also that “experts” in this context does not refer only to management. Especially if you’re running a high-tech business, your skilled line workers are just as important-if not even more important. Why? Well, for example financial management is pretty much the same, whatever the business. But manufacturing may require a special skill honed to perfection just for your product.
Lost market share is difficult to get back
The most important thing to take care about is not letting your market share slip. If you lose market share during a downturn, it will be many times more difficult to win it back when business is starting to go better.
So, how can you avoid these pitfalls?
Strike a balance between brand promotion and short-term sales
While you need to keep your company name or brand visible to your customers during a downturn, you should focus on actions that bring you income in the short term. In practice, if you’re now mainly promoting your brand, keep some of that promotion, but increase your relative spending on activities that will bring immediate results.
Focus on existing customers
Chances are that your business follows the 80/20 rule that many businesses do: 80 per cent of your business comes from 20 per cent of your customers. Pay attention to your existing customers. Find out how your product or service could be of even more use to them and modify it accordingly, if possible. If it can’t be modified, find new angles on how your product can serve them in ways that brings them more profits or other benefits.
Use your marketing budget more efficiently
Now is the time to forget about “this is the way things are done in our business”. What you need is maximum return on the minimum of investment.
1. Communicate!
Keep yourself in front of your buyers. Portray a solid brand while finding new ways to shape your marketing message to resound better with your existing and potential customers. Do this regularly to show your interest groups that your business is still in the game.
Make a point not to forget internal communication. Studies show that employee commitment tends to increase during bad times, but you will only be able to capitalise on that if you establish two-way trust. Inform your personnel regularly on what’s happening, how your company is doing financially and what you expect from the future. People are not stupid: they will understand that layoffs are inevitable if your regular messages to them has made them aware of a worsening trend over time. If you keep people in the dark and then suddenly sack a number of people, it will only incite anger and get you bad publicity, however good you may think your reasons are.
2. Skip the expensive, embrace the inexpensive!
If you’re now relying on trade papers or television to deliver your marketing message, consider more inexpensive ways.
Direct mail works well, whether by ordinary post or e-mail. Instead of costly international trade fair participation, organise your own “shadow” show in a hotel suite at the fair location coinciding with the main event.
Let customers come to you instead of you going to the customers: arrange road shows and seminars instead of sending your salespeople to knock customers’ doors. An additional bonus is that when you invite your customers to your own show, they are more alert and won’t be distracted by your competitors’ messages like at a trade show. Organise your own events or sponsor a major event. In brief, see whether below-the-line activities could bring in the same amount of business as your present above-the-line activities.
https://cft-berlin.de
https://rsiweb.org
https://stanleyfoundation.org
https://tiltingpoint.com
https://alexrossart.com
https://aapks.com
https://nsd.edu.cn
https://cbd-massages.com
https://yingtx.xyz
https://commentreparer.com
https://status-premium.com
https://illelavie.com
https://swishly.com
https://ianqiu.cc
https://dakon.cz
https://skysolution.dk
https://cadelsrl.com
https://rosenfluh.ch
https://og626.com
https://mke-media.de
https://ortograf.pl
https://thietkenoithatkhachsan.com
https://chimicles.com
https://mightybook.com
https://equipeweb.com.br
https://aigan.co.jp
https://dotit.org
https://kikuya-rental.com
https://kempenhaeghe.nl
https://parkering.stockholm
https://startupp.com
https://puddingclub.com
https://tripnbike.com
https://sporta.be
https://xywjj.com
https://jos.nu
https://enganchesaragon.com
https://neo-water.ru
https://sunmaid.com
https://ilovestyle.se
https://lnttechservices.com
https://pippity.com
https://lcsolutions.be
https://wunderbartogether.org
https://innpuls.at
https://mohawk.la
https://mallorcalivefestival.com
https://viessmann-project.hk
https://atomicsnow.com
https://senobiru-shop.jp
https://tablondeanuncios.com
https://ukbestcasino.co.uk
https://doctorfmh.ch
https://rentabiliweb.com
https://awlinc.com
https://panacast.com
https://testpress.in
https://johanwillemsen.nl
https://dashcreative.co
https://alliesagainstslavery.org
https://fusionads.net
https://hldsystem.com
https://krann.co.uk
https://christianvideoetc.com
https://sentinel-pds.s3-website.eu-central-1.amazonaws.com
https://bibleforchildren.org
https://sakutto-homepage.com
https://luxuryfactionmarket.blogspot.com
https://puntopro.it
https://saxmz.gov.cn
https://zhlkrjrab.ga
https://meingutscheincode.eu
https://bticonsulting.com
https://pinrose.com
https://buromac.nl
https://universalpictures.ca
https://inteleca.com.ve
https://onlinenevada.org
https://delineateyourdwelling.com
https://fcacapital.es
https://techamericafoundation.org
https://motorolahome.fr
https://zphrdr.cn
https://theclinicportal.com
https://syrairport.org
https://directvsports.com
https://faultlinebrewing.com
https://assignmentjunkie.co.uk
https://n5dga60.cn
https://gravitypdf.com
https://aproitsolutions.com
https://sanjuan8.com
https://wellssomerset.com
https://mpse.org
https://spenderservice.net
https://f2f.co.il
https://greyhousemedia.com
https://wichard.com
https://imesh.com
https://iotworldevent.com
https://cipfa.org.uk
https://nutrex-hawaii.com
https://agentur-brandung.de
https://dcm-gate.com
https://belgiquelex.be
https://ticketlandia.com
https://edlioadmin.com
https://dunlewey.net
https://kanagawa-iri.jp
https://genelife.jp
https://firefall.com
https://apkditto.com
https://lepharedunkerquois.fr
https://cbl.org.lr
https://booming-games.com
https://mycutegraphics.com
https://chickabug.com
https://almaghribtoday.net
https://dotzot.in
https://ctohe.org
https://dcm-info.nl
https://allsaproperty.co.za
https://suffolktouristguide.com
https://selinju.xyz
https://799306.com
https://saude.pe.gov.br
https://happyfoxchat.com
https://w3cindia.com
https://militarynews.com
https://acsu.com.ua
https://dpld.info
https://xn—-8sbehgsp5ap.xn--p1ai
https://vekra.cz
https://web-doctor.it
https://lalipuna.de
https://charlieontour.com
https://austmta.org.au
https://host.qa
https://juggly.cn
https://saver.su
https://leap.eco
https://datacon-bvba.be
https://1xdate.com
https://jzread.com
https://jasapembuatanwebsitebekasi.net
https://seo-gold.com
https://partner-services.com
https://playmatestoys.com
https://dgfk.org
https://bluestacksguides.com
https://reason8.com.au
https://cnrongli.com
https://bebras.org
https://cbq.qa
https://socialagencyinc.com
https://zxkj138.com
https://drivers.com
https://autistichoya.com
https://web-n-arts.de
https://nabic.co.jp
https://daututienaoz.blogspot.com
https://vstup.info
https://ssspr.com
https://visitbushkillfalls.com
https://jrconlin.github.io
https://kelsey-seybold.com
https://tromey.com
https://smallhadroncollider.com
https://vetnett.no
https://cast-forum.de
https://2dee.nl
https://lotus-cars.jp
https://victronenergy.fr
https://itk.ee
https://locallogicmedia.com
https://freemovies.es
https://ibo.net
https://s2588.com
https://toponlinenederland.nl
https://interconti.com
https://vipqq99.site
https://prgms.com
https://23yi.com
https://rbma.org
https://advantage5885.com
https://cheapcopiesokc.com
https://2345ask.com
https://thecaoviettel.com
https://bestcovery.com
https://piter.fm
https://babiesonline.com
https://vodtw.com
https://chotto-matte.com
https://eviltwin.dk
https://titas.tw
https://fdp-hessen.de
https://clientenlogin.nl
https://pastijp123.com
https://sprungbrett.or.at
https://86ftcn.blogspot.com
https://top-app.ch
https://town.minamifurano.hokkaido.jp
https://omniacomunicazione.it
https://thebcma.info
https://nestpowerproject.withgoogle.com
https://signal-h.com
https://bsscommerce.com
https://eonmobil.eu
https://gruppit.com
https://royalessays.org
https://maturin.ca
https://paparazziuav.org
https://torontoport.com
https://turkuenergia.fi
https://cararuns.org
https://birdcast.info
https://synyx.de
https://107.163.83.110
https://downtownokc.com
https://hottools.com
https://meteo.ru
https://ave.cz
https://tracegains.com
https://sunreef-yachts.com
https://rawmeatybones.com
https://lastcallmedia.com
https://europetheband.com
https://gisec.ae
https://kdmarketnewszealand.blogspot.com
https://braerestaurant.com
https://dramma.it
https://uncorkcapital.com
https://opshub.com
https://wir-tun-was.de
https://berger-seidle.de
https://ideative.ch
https://projectstiger.com
https://mcdonalds.fi
https://d4w.com.br
https://oscars.com
https://domainwerk.com
https://numazu-ct.ac.jp
https://foxybuilder.com
https://fashiontrendstips.com
https://swipe.digital
https://dis-ag.com
https://oteldensatinal.com
https://spelthorne.gov.uk
https://anastesiadate.review
https://nekatur.net
https://mojohealth.net
https://tigo.com.bo
https://023wy.com
https://cazenovia.edu
https://partapp.ir
https://devnetwork.net
https://getmagicnow.com
https://directline.it
https://adroitmarketresearch.com
https://globalviews.com
https://efirbet.com
https://flirtlife.de
https://aiadstaging.com.au
https://sportsrehab.se
https://warski.com
https://plataformasinc.es
https://themovechannel.com
https://icya.ca
https://auercompetition.com
https://comparex.ru
https://frphfc.com
https://castlecraig.co.uk
https://vornado.com
https://codigopostal.gob.pe
https://model-pool.de
https://e-kuzbass.ru
https://geofli.com
https://braingineers.com
https://promotionalproducts.com
https://afag.de
https://sbcd.org.br
https://doosanmachinetools.com
https://novot.ee
https://samssoutherneatery.com
https://luhua.cn
https://raypeat.com
https://filmsseville.com
https://kaiser-sitzmoebel.de
https://voipvoice.it
https://firmowe-gadzety.pl
https://thinkonramp.com
https://fuzoku-wiki.com
https://jrdnbwmn.com
https://seminolesheriff.org
https://everest.edu
https://l-123hpsetup.com
https://fedora-commons.org
https://montana.gov
https://buster.fi
https://greentcoffee.com
https://fishup.ru
https://swispert.net
https://randstad.com.au
https://ldankers.com
https://billingservices.com
https://144911.com
https://inwind.it
https://jornaya.com
https://183.gd.cn
https://bobbleheadhall.com
https://naturtextil.com
https://stlballparkvillage.com
https://dotcomwa.it
https://tycbcw.com
https://skyracing.com.au
https://zero7.co.uk
https://stevenscountytimes.com
https://keydesigns.co.uk
https://kaitseliit.ee
https://esquimalt.ca
https://meine-startseite.de
https://leplacoteux.com
https://computermusic.co.uk
https://anatech.com.ng
https://pacificfair.com.au
https://ecpigroup.com
https://pass4sure.com
https://thepmr.org
https://kotoroy.net
https://alternativa.games
https://abexpo.com
https://thebabushkasofchernobyl.com
https://stupidvideos.com
https://bryanbell.com
https://cangjige.fun
https://stedmundsnscc.com
https://millionpawswalk.com.au
https://smallcultfollowing.com
https://mercury.is
https://kijimakogen-park.jp
https://gig.cymru
https://antonalvarez.com
https://thewebdesign-seo.com
https://sport-net.dk
https://form3.tech
https://jetpack.pro
https://31etcn.blogspot.com
https://bcpl.lib.md.us
https://parcagen.fr
https://aymcdonald.com
https://adultangel.com
https://vind-een-therapeut.nl
https://nb.net
https://mecc.gov.md
https://justspices.de
https://dataspace.com.br
https://d2cmedia.ca
https://facebooc.com
https://sonicwire.com
https://bki-okb.ru
https://php.de
https://baresnacks.com
https://aranjuez.es
https://tao3c.com
https://psikolog.org.tr
https://elevenwarriors.com
https://sterling-sound.com
https://adodson.com
https://gregoryirthum.com
https://taylanmedikal.com
https://semcomachine.com
https://buildbox.com
https://cuarentenafest.tumblr.com
https://careacttarget.org
https://ineqe.com
https://saner.gy
https://heartlandfilm.org
https://responsivesites.com.br
https://estant.de
https://hbzxsb.com
https://.es
https://frenchriviera-tourism.com
https://magiclamp.net
https://geca.org.au
https://worldpancreaticcancerday.org
https://sonetworks.no
https://hrzx.tv
https://prisonadvice.org.uk
https://ukblackpride.org.uk
https://santabarbaramission.org
https://shiyebian.org
https://abefis.com
https://fssp.org
https://djmanly.com
https://memmohotels.com
https://mediabuyerplanner.com
https://overourdeadbodies.net
https://belgianbrewers.be
https://doraneko.org
https://valamarketing.com
https://flipsidedigital.net
https://esachello.com
https://oilandgas-asia.com
https://grottes-en-france.com
https://uintabrewing.com
https://indiecart.com
https://riojalta.com
https://fatiguescience.com
https://jointacademy.com
https://osm2world.org
https://faceworks.nl
https://capweb.fr
https://utahfamily.com
https://patriarcado-lisboa.pt
https://rtyva.ru
https://casualclub.com
https://virtuouscrm.com
https://r4.com
https://homeinspectioninstitute.com
https://easttennesseefoundation.org
https://navi.go.jp
https://jivochat.com.tr
https://gpgallery.com
https://harperwave.com
https://town.toei.aichi.jp
https://distanthorizon.com
https://komprise.com
https://comshalom.org
https://wishwishwish.net
https://emit.no
https://hpi-hannover.de
https://genesis-accessible.org
https://smokesolution.com
https://ffjr.com
https://schoolzine.com
https://ikea.com.hk
https://gers.gouv.fr
https://cianews.cz
https://keisoshobo.co.jp
https://industrie-nantes.com
https://sheratontokyobay.co.jp
https://mymesse.de
https://wiesntrachten.de
https://booksandideas.net
https://dank.sh
https://thescrubba.com
https://museumjorn.dk
https://ritrama.com
https://charter-business.net
https://himaxwell.com
https://czbtob.net
https://lovethatmax.com
https://nyadmcncserve-05y06a.com
https://bluecanvas.com
https://bmw.com.mx
https://sticos.no
https://opptrends.com
https://hotelheart-innogizaka.com
https://apivoid.com
https://gwdzkj.com
https://2somm.com
https://o-devka.net
https://aly-abbara.com
https://providerexpress.com
https://timberlineknolls.com
https://denpasarkota.go.id
https://skipatrol.ca
https://redmountainresort.com
https://gerstner-hotels.at
https://lotteryleaf.com
https://erfan.ir
https://safetywing.com
https://nnlgjt.com
https://mostlyblogging.com
https://americanassociationofpolicepolygraphists.org
https://asiapacificscreenacademy.com
https://qcnly.blogspot.com
https://peppes.no
https://emberinns.co.uk
https://log8899.link
https://infobanc.com
https://wikiwebagency.it
https://thenumberingsystem.com.au
https://qj.58.com
https://huntenkunst.org
https://zlombol.pl
https://equalityfederation.org
https://westfordmill.com
https://remmers.co.uk
https://meetingsimagined.com
https://mlgw.com
https://the-aaa.org
https://ribbonsoft.com
https://kibriscikolata.com
https://swindonbooks.com
https://protherm.cz
