The dark clouds of recession are gathering over the nation, causing many businesses to seriously pause and evaluate their advertising strategy. What should brands know when it comes to advertising during a recession? What are the most helpful tips that apply across the board?
Although every industry and brand is unique and positioned differently in terms of its advertising tactics, there are some timeless truths that can greatly benefit anyone seeking to advertise while experiencing a national recession.
Advertising Resiliency in Tough Economic Times
If we’ve learned anything from the global pandemic and its devastation across all types of personal and business operations, it’s what to do to prepare and persevere in the midst of economic calamity. Thankfully, there are ways to create an environment of stability to reach your advertising goals regardless of what’s going on.
Scaling back is not an option when weathering the storm of recession. Besides, as the saying goes, “When times are good, you should advertise. When times are bad, you must advertise.”
Here are some key tips every brand should follow:
Invest in your Brand — You can never neglect to protect your brand. Disney Corp. is a perfect example of this. They are known for their strict dedication to protecting all aspects of their brand’s image and reputation. They invest in their own brand identity not by selling products and movie tickets but selling an imagination-charged experience of magical storytelling that connects with the emotions of their audience. Similarly, your brand is more than what you sell or do for others, but who you are as a company organization and how that connects with your customers. Investing in the deeper component of your brand is what builds lifelong brand loyalty.
Maintain your Budget — Resist the urge to cut back on marketing costs. According to the historical pattern of surviving a recession, the companies who did not decrease their advertising budget, bounced back more easily. You may adjust how you spend your budget, just don’t reduce your allotted spending amount. It goes back to investing in your brand. Continue your campaigning and promoting throughout the tough economic times. It will pay off.
Prioritize Customer Experience — It’s more important than ever to prioritize your customers and their personal experience with your brand, products, services, and any other associations they draw from what you offer. Capitalize on cultivating strong relationships and brand loyalty during these times.
Push the Value Proposition — Pushing the value proposition of what you’re offering the market is important to keep at the forefront of your advertising endeavors. You must advertise and continue to push and promote the value your customers can expect over your competitors.
A recession is no time to play it safe, cut costs, or fade into the background. It’s a time to keep your budget and adjust your creativity towards having the greatest impact and connection with your customers. When the economy starts going back up again, you want your brand to go with it— not get left behind.
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Our team of thinkers, creatives, and observers blend their talents together to help develop a brand that works for you. Whether you are seeking additional advertising advice for your marketing strategy or any other retail project, we can make it happen!
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