marketing and communication during an economic downturn

Marketing and Communication During an Economic Downturn

In blog, Featured News by getpushing

By Samantha Scott, APR

Unless you haven’t seen any news, been on social media, listened to a podcast, or talked to anyone recently – you’re likely aware that the United States (and elsewhere) is experiencing some economic turbulence, shall we say. 

In times like these, business leaders tend to reconsider their expenditures and look for ways to save. Often marketing ends up on the chopping block first, unfortunately. But I’m here to tell you why that’s the exact opposite of what you should do and give you some tips to do during this time.

Prefer a video? Click below to watch Samantha share her thoughts.

Consider the long-term ripple effects.

When you started your business or began marketing, the return wasn’t seen immediately, right? You didn’t create Facebook page and garner 1,000 fans overnight. It took time. If you cut back on marketing now, you could lose all you’ve gained – and quickly. 

Instead, consider evaluating where you’re getting the most return (leads, sales, etc.) and direct your focus there. Be strategic about your marketing, narrowing in to get the best results.

Take advantage of more market share availability.

You aren’t operating in a vacuum. Your competitors are experiencing the same economic climate. They, however, may be more shortsighted and pull back on marketing – thereby likely reducing their market share. 

This creates great opportunity for you. A few considerations to capitalize on it:

  • What do you offer that your competitors don’t. Leverage that. 
  • Is there a way you can reach competitors’ customers or clients?
  • How can you refine your processes to serve more customers or clients?
  • What would you say to someone looking for your services? Does your elevator pitch or other communication need to be updated?

Remember, it’s not the “you show”.

Keep in mind what your customers need. If you can solve their problems or improve their lives, you’ll earn their trust… and their business.

This requires you to focus on what your customers need, their issues, and their desires – not focusing on what you want to sell. As I like to say, it’s not the “you show”. Shift your focus – communicate and market accordingly, and you’ll see a positive return.

I know this seems easy for me to say…

I realize some of you reading this may think, “Well, of course, you’d say that. You run a marketing firm.” That’s true, but please believe me when I say this is about you and not us. I’m not sharing this to get you to hire us. 

Our vision at PTE is to be known as an expert marketing partner to businesses, the partner that helps them grow. That goes beyond clients. It’s our job to share our knowledge and help others. 

I hope this encourages you to give some additional thought to your marketing and communication during this economic downturn (and others to inevitably come). Feel free to contact us if you want to talk through this or need a little help along the way.