Okay, we're past the worst of the pandemic years and the accompanying supply chain turmoil, right? Just when we crave some normalcy in the market, there are more economic ups and downs to deal with.
The outlook through early 2023 can be labeled "uncertain," which doesn't help at all when developing marketing plans. How should you move ahead?
The best advice might seem scary, but most marketing professionals agree: Maintain—or augment—your budget in a downturn. Customers and prospects need creative ways to push through these unpredictable times. Appearing to disappear won't help them when they need you most.
Now is the time to reach out to customers and prospects—find out what they need to move forward.
Are labor shortages hurting their ability to meet customer demand? Then, help them craft a recruitment campaign.
Is the company new and not well known? Show them how a brand awareness program can shine a light on their services.
Do they hesitate to spend on marketing when money is tight? Give them examples of the upside of increasing a marketing budget in times like these.
One of the best reasons to keep your marketing efforts on the front burner is that people forget about you if you don't keep that flame high. Herman Ebbinghaus was a German psychologist who theorized that the human brain would forget information it recently learned if it wasn’t immediately placed into practice. In 1885, he developed this theory and called it the "Forgetting Curve.”
Ebbinghaus' curve is still used today as an outline for marketing plans that use repetition to reinforce key messages and support customer retention. Find ways to keep your company top of mind and keep communications flowing.
At James Street, we've said this before and it's still good advice: "Understand what your customers need, stay in touch, and provide solutions rather than promises."
Let us know if we can help.