Recent research by the UK Design Council shows a temptation for businesses to cut what it calls ‘discretionary’ budgets in tough economic times.
The definition of this is the money that is allocated to activities such as creative services and marketing.
However, these are hugely powerful tools during a downturn, especially if your competitors are making such cuts. The Design Council goes onto state that more than half of businesses are looking to do this, with many believing that such investment is not integral to the economic performance of their own business.
The question is, which side of the fence does your business fall on?
Are you reducing investment in your own brand, or do you consider the 50% who do and see it as a big opportunity for you to take more market share as a result.
The following are our own thoughts on the key areas to consider…depending on which 50% you represent of course.
Brands who stay relevant have the best chance of survival. Consumers don’t become different people during a recession, they may become more aware of price but they also begin to look more closely at brand values. So make sure your brand develops a voice and a personality.
Focus on Satisfaction
Make sure the experience each consumer gets by interacting with your brand is the best it can be. Then stay in touch with your customers, make them feel valued and give them reasons to continue to use you again and again.
Reacting to feedback and trying new things is a great way to have your customers refer to you again and again. Importantly this is also the best way to have people carry a positive brand conversation forward and refer you to their peers.
Modern marketing can be a complicated mix but many brands are showing that investing in their profile brings success even in a tough environment. It can often be something simple that makes all the difference. For example, having an effective Social Media presence…
If you represent the 50% who currently do all, some or any of the points above then great, thanks for reading. If you are the other 50% but you want to get back on track then give us a call…we would love to help you out.