by Guest Blogger, Shannon Cherry
Branding seems to lose its vigor during recession. Most consumers aren’t as loyal to a particular person or brand during a recession since they are looking at their purchases differently. Therefore, you have to keep up or increase the kind of value, property, and benefits that your product or service promises its prospects.
That’s why it’s essential to make sure to focus on building a powerful presence – one that gives you instant visibility and credibility. To build that powerful presence, take a look at these tips:
- During a downturn, most companies would be inclined to take out back on their marketing efforts and investments. Studies have proven that those who cut their marketing and publicity efforts actually lost market share. Those who maintained or beefed up their efforts we rewarded with increased sales and exposure. By reaching out using free publicity methods, such as media relations and social media, you can gain more market share than using traditional advertising.
- Show consumers largely affected by downturn that you’re in it for the long haul by offering better value on your products or services.
- Create a publicity campaign which highlights quality, economic benefits, and real benefits as opposed to appeal to their superficial concerns.
Helping Your Brand Outlive The Recession
When a downturn has hit the prospects, buying becomes a less sought-after practice. This will largely effect your business’ efforts and this is made worse by the intensity of competition amongst various comparable companies.
Try using the following practices to keep your organization thriving:
1.) Never change your brand identity. Doing so will reduce the trust you have built on the target market and will also ruin your credibility and visibility. Just try to reform the messages you are trying to convey but guarantee that it stays within the context of your main brand identity.
2.) Use this period to appeal to your customer’s needs by performing a more thorough market study. This will yield an impression that you are concerned about their needs and are seeking for ways to provide that. You can even use the study results to write a white paper to promote your business further or create a press release to share with the media.
3.) If your business’ products or services are mostly high-end, do not simply revert to dropping prices. As an alternative, try improving the value and quality of your products. For example, include extra bonus items. Or perhaps, trim down the product or service to make it more reasonably priced to others.
4.) Be open to possible new target market. In times of recession, people are in the process of re-evaluating their spending habits. This is your opportunity to come into the picture and offer your organization as a possible solution.
Keep your presence stable
Just because consumers change how and why they buy doesn’t mean a business owner should change their brand. Throughout period of a downturn, you have to stay committed in helping your customers attain quality service and products that add more value to their money. This is your winning formula.
And with increased dedication to your business presence, you will also expand the loyalty of your customers.
About the Author:
Shannon Cherry is known as The Power Publicist. She helps small business owners, coaches, consultants and entrepreneurs create a powerful presence using low-cost, high impact publicity methods. To get Shannon’s Be Heard! free publicity power pack visit http://www.beheardsolutions.com
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