Discouragement and anxiety prevail during a slow economy. News headlines proclaim that companies are making additional cutbacks. Hundreds, if not thousands of employees have been laid off. It’s during these tough economic times that your company’s brand and your marketing strategy become increasingly important.
When the economy is bad, one of the first things on the chopping block is marketing. Pulling back marketing efforts, however, only encourages competitors to step up and fill the void that you left behind. Consider a recent article in the Birmingham Business Journal by Lydia Wilbanks, of Wilbanks-Elam Marketing & Public Relations (unfortunately you have to be a paid subscriber to see the full article, but you will at least get her point). She encourages readers to think of their company long-term. Decreasing marketing efforts is a quick fix, but may prove to have lasting effects once the market turns around.
Or consider Staples, who recently has used news of Office Depot closings to ramp up their marketing campaign. Staples blitzed the market with emails re-printing a Dec. 10th article from Boca Raton, FL in which the reporter states that in 2009 Office Depot will close 112 North American stores. Above the article is the headline, “You can always count on Staples.” This is a great example of how one business is filling the gap left by a competitor, who is seen as unstable and temporary.
Remember that your company’s brand is much more than what’s on the letterhead or the brochures. Your brand helps your company establish and develop relationships. It communicates core company values. It encompasses your mission statement and reflects the vision you have for the future of your business. Now is the perfect time to invest in your marketing efforts because, chances are, your competition isn’t.
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