Navigating Uncharted Waters
The events of recent weeks have left brands in a tailspin and future challenges will continue to make themselves apparent. As marketers in residence, we’re tasked with helping our clients create and implement strategies that drive demand and loyalty and in trying times like these, we feel it’s important to drop the curtain and help as many people as we can. Over the next few weeks we’ll be sharing tips for how to strengthen your brand and stand out in a flooded market place.
Top Level Overview
- Now that you’ve had a moment to pause and reassess the framework of the situation, it’s time to reallocate your ad spend and strategically focus on the right customers.
- Rebalance your budget. Focus on growth and efficiency in marketing and R&D. Cut back on non essentials like fixed asset expenses or nice to have functions.
- Over invest in your current customers and new ways to reach them. Ask them what they need from you and make customer service your top priority. Deploy new ways to reach them outside of social media.
- Share positive stories and information- tell people where you’re at, show your teams that work tirelessly and get no credit. Give a face to the people in your company so that consumers are more likely to support you.
Next, focus on the brand:
- Think long term. This is an event that will change the way people think moving forward. You’re focusing on digital/social now but, what is your long term strategy for connecting on a human (or in-person) level?
- Be creative. Content is critical right now. To cut through the clutter, be empathetic to the situation, but find interesting ways to engage with consumers. Advertising prices drop during times of recession (and hopefully the economy will bounce back quickly) so this gives you a unique opportunity to increase your market share. So now might be the time to invest in a new creative strategy.
- This is the perfect time to work on your brand messaging and mission. Spend time focusing on your core offerings. Tragedy and the unknown makes consumers more aware of who they invest in, make sure your messaging is authentic and resonates with your audience.