Nov
30
Marketing During A Slow Economy? Really?
By Victoria Jamison, Accounting
Yes, really. When the economy is in a weak or declining state, businesses often hesitate to spend money on marketing. The natural tendency is to focus on maintaining the status quo, or just staying afloat rather than utilizing resources to reach out. But why just float when you can soar? Although the conventional approach is logical, there’s a chance that you might be passing up a fortuitous opportunity. Now, in fact, might just be the best time to brand or market your business.
When the economy is flourishing and cash is abundant, the public is less particular about where, and to whom, their money goes. When coffers overflow, the recipients of our hard-earned paychecks are, admittedly, more randomly chosen. Though we would like to think that we are perennially smart about our finances, there is a tendency to be lax about money when we have more of it.
But, when times are hard, the public pays attention. We are focused on who we patronize, and where we spend our money. When money is tight, we care about what products we buy, which businesses we support, and where we direct our funds. We’re more particular, more discerning, and more critical. We pay attention, we research, and we listen.
Additionally, at a time when other businesses are pulling out of the market, creating a strong, recognizable brand makes you even more noticeable. It shows that you are flourishing, and working to stay ahead of the game.
If it helps, think of marketing at this time, not as an expense, but as an investment. You’re investing in the promise of a better future, the promise of a greater value and a stronger product. And simply, yet perhaps most importantly, you’re investing in yourself. And if you’re not investing in your business, we might wonder, “Why should we?”
That is why it is not only forward-thinking, but also strategically savvy to broadcast your message now and to forge a seemingly less-conventional business approach. Now is the time to tell the public who you are, and what you stand for. Now is the time to make a statement and to stand out from the crowd. It doesn’t matter whether you shout your message from the rooftops or whisper it discreetly from behind the palm of your hand. You have a voice, and now is the time to let your voice be heard. Because now is the time that we’re listening.