Is It a Wise Strategy to Market Around Financial Fears?

Hi Nancy,

Personally, I'm ignoring the whole "troubled times" pitches. Either I've got my head in the sand or I really do believe things will get better, and this too shall pass!

From a marketer's perspective, I think it depends on your motives. If someone is truly trying to persuade people to buy their product by scaring them about the economy, well, ewww! Also, seems kind of counter-intuitive (better be worried about money, but oh by the way, buy my $$$$ product). Not likely to be a good strategy for building long-term relationships with customers!

If, however, your motive is to truly help those who are undeniably being affected by the worldwide financial woes (homes in foreclosure, can't get a business loan, loss of job, etc.) — then by all means I think it is appropriate to talk about it as part of your marketing strategy.

imho

Terri Z

Terri Zwierzynskis last blog post..Marketing to Women

I think it depends on who the message is coming from. If it's someone I'm familiar with and have already connected with I have been receptive to the message. But if I don't know them very well and their approach is a hard sales approach it comes across bad. I haven't talked about the economy to my list and I'm not sure I will.

Thanks,

Jennifer

Hi Nancy,

Robert Collier said we should join the conversation our prospect is already having with himself. From that perspective, using the recession as an emotional hook is good — people ARE thinking about it.

In my own business I've noticed a definite change in the demographics – loads of business owners who have hitherto neglected their marketing and now want something I can't give them: instant fixes.

Consequently, I'm busier than ever but on a greater number of smaller projects.

However… as with any hysterical societal fear (like "terrorism"), recession brings out the less savoury members of our profession, too. I'm seeing a lot more of the "make $1,000s from your PC just by sticking your thumb up your butt" promotions these days, and, sad to say, they will get many takers, because they're selling HOPE.

Anyhow… I don't fear anything . I give it to my clients and prospects straight: "Yes, times are tough. But it's not the time to be timid, and panic won't help. You need nerves of steel and a steady hand, but I promise, if you stick by what we know is right, and what we know works, you'll be fine".

– Jon

Jon McCullochs last blog post..Proof! NLP makes you Invincible! Not.

Hi Nancy,

I think there are two "camps" of marketing tactics.

The first group is capitalizing on a new market of people who are in fear. Its amazing how many infomercials I've been hearing on the local radio about "are you afraid of losing your house," or "are you considering bankruptcy?" I definitely think this camp is fueling the fire.

The second group that I'm experiencing is a group that is genuinely aware of the challenges facing many people who are truly in fear about what is happening and are starting to make limiting decisions about what they can/can't do with their business.

I know I personally hit a low point on Monday and I TEACH THIS STUFF! I got really scared about what's going on around us and I had to get myself back on track. I have the tools to do that but not everyone does.

It was such a powerful experience for me that I shared with my readers my own "human thinking" and that I'll be sharing some tools in my upcoming teleclass.

So I guess you have to decide who you want to "let in" at times like this. =-)

Thanks for an intriguing post. You are the best.

Melanie Benson Strick

Million Dollar Lifestyle Business Coach

& Virtual Team Building Expert

Hi Nancy – this is a great topic. I was just discussing it with my coach. Reading these fear-based marketing messages are a complete turn-off for me. I'm not encouraged by being told how terrible everything is or how this particular person or product will make everything okay. As a coach I would never market to prospective clients by playing on their fears. I think we have way too much of that in the media as it is. I feel that using fear to manipulate people creates an entirely toxic environment.

Personally I don't relate to any marketing unless it speaks to my own specific situation. This type of marketing doesn't help to build relationships with prospects, it merely spreads fear and negativity. This may be the time to focus on positive futures. We get enough realism in the media right now.

Thanks to everyone who has left comments.

@Melanie, I really admire you for sharing your Monday freak out, I had mine last Friday. LOL! So even people with the "tools" are feeling it.

@Jon, your candidness always makes me smile and your “make $1,000s from your PC just by sticking your thumb up your butt” reference is so true! No time for easy money.

My gut tells me to be sensitive to the stress in the air and also to hold dear the talent and "medicine" that we hold within ourselves. That is what people will ultimately hire us for… not for our abilities to play God.

love

Nancy

This is the time to offer our help and connect with clients, prospects, family, friends and our community at large in a deeper and more meaningful way.

It is a unique opportunity for professionals to come together to offer creative solutions and results while staying in social, and emotional integrity. Helping others in shifting their primary focus and mindsets is very important.

We are not inmune to feel our fears and break out in a cold sweat. When I saw Maria Bartiromo of CNBC yesterday call this a market "crash", my stomach sank to my feet, she stated she wasn't sure if it was the proper thing to call it, but when challenged this morning by Meredith Vieira, Maria gave a resounding "yes"….and still….she re-focused on the opportunities.

We are being given the gift of always learning how to make the best choices for ourselves and the greatest good.

Nancy said: "@Melanie, I really admire you for sharing your Monday freak out, I had mine last Friday. LOL! So even people with the “tools” are feeling it."

Men and women are different (and not just in the obvious ways).

One huge difference is in our reaction to threat and danger (which we are perceiving this "recession" business to be).

A typical male reaction is to disconnect emotionally from the problem — we become focused on the solution. Basically "fight or flight". It doesn't disconnect us from the stress, necessarily (no free lunches), but it does disconnect us from the worry (which is why you might find your menfolk expressing their stress differently – my wife, Sarah, worries; me, I retreat to my "cave" and attack the problem).

Yes, I'm generalising, because we're all on a continuum. In many ways I am very male-brained (protective and quite aggressive) but unusually for a man, I'm also good at communication and relationships. Interestingly, the aggression is natural, and the other stuff is a learned skill.

Have any of you noticed this difference in the market? Are we seeing a more aggressive, male-dominated economy? Just some thoughts.

Any guys reading this who can comment?

Jon McCullochs last blog post..News of my demise has been grossly exaggerated!

OK, guys… chime in!

Hi Nancy,

Personally, it makes me chuckle to see the markters who are trying to capitalize on this recent theme, just like it made me laugh when a few months ago they were all jumping on the Law of Attraction band wagon.

Authenticity is what speaks volumes and this is a time to artfully and respectfully "meet" people where they are, which is, for many, in a place of fear and uncertainty, while also coming out even more strongly with our own message that we've been marketing from all along.

I prefer to give my attention to marketers who are moving forward, up to big things, speaking and acting authentically, and who make me feel good about them and about myself. And as I write this I realize that is exactly what I am modeling for my clients.

Authenticity is ALWAYS popular, because it's reliable, reassuring and speaks to our soul.

Great conversation you've started!

Love and hugs,

Kendall

Kendall, you're the kind of person I want around in a crisis!

There are people who grab for desperate measures and there are people who keep their cool. What I hear you saying is that we need to keep our cool, and that is a strategy for the good times as well as the bad.

The authenticity is key… we're sending out invitations to the Universe with our every message. So if we focus on the bad, the "hopeless", the "troubled times", then we'll suddenly find ourselves deluged with people who are magnifying that mindset.

Being the Marketing Triage doesn't sound like a progressive move for me… or for the people responding in this post.

Let's look forward folks… as Rich my recovering alcoholic mechanic would say (and this is coming from a man who hit rock bottom big time then came back) "It could always be worse…"