In turbulent times, when uncertainty is creating an uncertain future, for many businesses, their natural response is to cut back on their marketing budgets and try and spend less.
In fact, this could end up being a damaging move, shifting their emphasis from growing their income to protecting it.
It goes deeper than that however.
Marketing should not be discretionary activity, because if businesses choose not to do it, they run the very real risk of losing their competitiveness, losing business and, ultimately, collapsing
Our next Marketing Challenge Breakfast event explores and reveals the true value of marketing, and how to look at marketing differently, to make it as effective as possible, even in turbulent times.
Sending Out Signals
How you market your brand and your business sends out signals to your customers and prospects.
What sort of signal are you sending if you no longer have the confidence to market yourself properly?
When the future is uncertain, the key thing you must do is strengthen your brand.
Your brand says important things about your business and its values. Cut-back on communication and the implication is that your brand is no longer as strong
At a time when you need all the exposure you can get, you must maintain your visibility and keep your brand fixed in the minds of your target audience.
You can only do this by being active, and proactive, in your marketing activity.
Uncertainty is also going to cause worry for your customers. They will be looking for reassurance. The harder you work on your communications, the higher the chance that you will be offering a certainty in uncertain times.
There are also potential opportunities arising from uncertainty.
Prospects will on the lookout for the best deal they can find, and may be more likely to switch their loyalties.
You can only position yourself to attract their interest if your marketing is spot-on, and if you’re demonstrating your brand’s ability to meet their needs, even when the going gets tough.
Uncertainty encourages stasis, because caution starts to override action.
However, for any company, its lifeblood is new business, and standing still is not, therefore, a safe option.
Marketing is a proven means of attracting new business. It does a lot of the hard work, enabling businesses to cut down on the legwork, while also helping to boost their own sense of forward motion.
Creating a sense of momentum is a powerful means of creating confidence.
Uncertain times also provide an opportunity to review your marketing strategy, to realign its strategy, and to be prepared for change
You could put yourself at a competitive advantage now, while others are cutting back their marketing, so that you are in the perfect position to attract, engage and connect with prospects.
Are You Ready for the Challenge?
In uncertain times, M3 Media Publishing’s Marketing Challenge breakfast event offers you the certainty of good company, dynamic networking, shared ideas and a tasty breakfast. Book your place to our next event here.