Economic recessions come after decades but when they do the aftermath isn’t good at least for a lot of businesses.
Be it the downturn of 2008-2009 or the current one we are going through due to this pandemic, there are several measures businesses need to take.
From cutting down the cost of manufacturing to firing people the situation seems apocalyptic.
One of the departments that take a hit is the marketing department especially the branding.
Where many companies stop marketing and advertising altogether some on the other hand slow down the process.
Read More: 6 Powerful Steps To Optimize Your Website?
In general, it may seem like a cost-cutting strategy. On the other side, this step may take a great hit on the business.
If you stop branding now chances are you will have to spend much more to get your space back in the market!
So what should branding teams and companies do? There are few branding strategies to look forward to during the time of crisis.
Be as human as possible
Economic recessions create its fair share of emotional stress for people. This is the time when you lend your shoulder to your customers’ base.
Customers these days are attracted to the brands because of their human touch. Look at Nike and how they portray equality and inclusivity and people love that!
This is the time you show them emotion, strategize your brand in a way that shows you care.
Running campaign revolving around your employees and advertising that can help you to tell that you care about the people in your team.
Offering community basis products and campaigns will increase your brand loyalty.
Increase research and analysis
This is the time when sales will go down and your bubble will burst make your research department work harder.
As branding teams, it is time to understand the customers’ needs and demands more than usual.
Look for the aspects that are important and can help your business. Track the previous records and see how marketing campaigns previously helped you.
As this will be the time to cut down the costs it is very important for you to know which one worked the best.
Instead of trials, you need to be absolute to get maximum results in less investment. But make sure even through this you need to sound sentimental and responsible.
Never hurt the feelings!
Take this as an opportunity to know the brand
Many brands and businesses start during a recession and soar high, do you know why? This is the time when customers or not actively buying and that help you recognize what is that you want to promote.
In normal days with high competition, the pressure is enormous. The pressure is still there but during these hard times, you can now evaluate your brand better.
If you are an old or a new brand take this time to evaluate what you really stand for. As these are a hard time for customers being there will make them remember you later as well.
Having an emotional connection with customers is absolutely necessary!
Look for beneficial opportunities coming your way
Recessions are the times when other businesses and governments bring offers to provide stability. These are the times you take this offer.
Where the government is providing grants or relaxation your brand should take full benefit of it.
Similarly, other brands offer their services to aid businesses using those that can help you reach a wider audience.
For example; using free webinar offers or other premium opportunities at lower costs.
Be very vigilant
As we discussed above there are times when business cut down their costs it is high time to be vigilant of yours.
Where stopping marketing isn’t a great idea spending without proper knowledge is the worst idea. Have proper analysis and tracks and spend where there can be more beneficial.
Make sure you receive the right ROI for your investments. These are crucial times and it’s important to be thoughtful of your expenses.
Create offers to ensure future sales
Where marketing and branding are important another thing that is really important is to provide offers to customers.
As spending power will go down during this time its important you provide thoughtful solutions, discounts, and product offers to customers.
Customers understand this and will value your brand more than ever. Team up with other brands and bring out packages that can attract a wider customer base.
This strategy will not only help you build brand loyalty but will give you more exposure to a larger customer base.
It’s high time to be digital
Last but not least if you still haven’t work on your social media accounts now is the time to do so!
People would want to see you closer to them and social media is one place where everyone is available.
Here you can write up blogs, run virtual campaigns, held webinars, host podcasts, and other shows with celebrities which will keep people engaged.
Conclusion
Economic recession can be the result of a thousand many things yet even in this time it’s important for you to show your audience you exist.
Above are a few of the many ways that brands need to be present in front of their customers.
You need to make sure your customer base and potential leads know that you care for them.
In this era, it is much about the customer as it is about the business. You need to make customers happy to keep your business going.
