Throughout the life of a business, there are years of growth and those of decline, lean years and those that are abundant, celebratory years and those that are frustrating, even worry-filled. Suffice it to say, that it isn’t a question of if downtimes will come, it’s only a matter of WHEN they will show up. In reality, it’s naive to expect each and every year to be better than the year that came before, without any new problems. That’s just not realistic.
However, just because the economy is struggling, or your business is hitting a slow spot, doesn’t mean it’s time to forego any sort of advertising. In fact, there are several benefits to advertising that make it especially effective during uncertain times. Read on to learn more:
Brand Responsiveness
Advertising throughout a time when your business is slower than normal can allow you to have more time to respond to customers' changing needs and concerns. This allows you to reposition your business, products, or services while you have a chance due to the decrease in business. During times of prosperity when your business is busy, keeping up with tasks such as responding to customer suggestions and needs can fall to the back burner. This is understandable as you are simply trying to keep your head above water and meet all the demands of orders and services. However, during this time of uncertainty, when things are slow, it gives you the perfect opportunity to make helpful changes that will increase your customer satisfaction for when things to pick up.
Trust and Stability
It’s human nature and completely natural to seek something solid to hold onto in times of uncertainty. Therefore, during uncertain times, your brand can be the voice of stability and something to trust while all around there is chaos. Being stable and a remaining presence in the daily lives of your customer base can almost make them see you as an old friend, a trusted ally, and a support system. This will create brand loyalty right now that simply isn’t possible to build when things are going well.
Competitive Advantage
You can gain a competitive advantage by remaining steady and strong while your competition is cutting back or stopping their market presence. It’s now your time to dominate the marketplace. Make sure that during this time you retain your existing customer base and go after those customers who were abandoned by your competitors. This is your chance to step in and serve those customers who have in essence been abandoned by other companies. Consequently, this can give you a leg up on your competitors when otherwise you would have to fight for your customers.
Top-of-Mind-Awareness
Commit to being there for your customers during this uncertain time. Make sure that they know that your business isn’t going anywhere. Your advertising will reinforce the top-of-mind awareness needed to aggressively compete for the dollars that ARE still being spent. Even during uncertain times, consumers still must spend money for necessities and even some luxuries. Otherwise, life can just become monotonous. Therefore, a time of uncertainty can be a good opportunity for your brand to step into a vacancy left by other businesses.
It Can Cause Increased Empathy
During times of economic downturn or other types of crisis, people tend to become more empathetic. This means that during this time of uncertainty, your brand can reach the heart of many customers by sharing your brand’s story. This act will likely be more effective in terms of the results during a time of uncertainty than it would during a prosperous time as a shared message of struggle through difficulties is more relatable during this time.
Slamming on the Brakes Can Cause Accidents
Just as it can on the roadway, slamming your brakes in terms of your advertising efforts can lead to problems. For example, during the shutdowns of COVID, many businesses enacted immediate and deep marketing cuts in their advertising. In reality, they would have been better served by staying the course in terms of advertising. In many cases, slamming on the brakes (on marketing) left businesses way behind their competitors. Therefore, the benefits of continuing your advertising efforts even when times get tough can ensure you don’t end up at a competitive disadvantage.
It’s The Perfect Time to Increase Your Market Presence
Challenging times like the COVID outbreak, the 2008 financial crisis, and the Dot Com bust provided the opportunity for many brands to become forged and fortified. In other words, they used those uncertain times to forge ahead while other brands might have pulled back. This can provide a competitive advantage for your brand, as you might be the only business left standing after all the dust clears. Therefore, not only is it good to maintain your marketing presence, but it can be a wise time to even increase it to gain new customers during times of uncertainty.
Keep Up Advertising Even During Hard Times
Even with all the preparation in the world, businesses face any number of obstacles: economic recession, financial loss, employee turnover, and more. Know that you are not alone. The right marketing partner will be there with you through the good times and the bad. Contact us today to learn more about what you should be doing during uncertain times in order to position your brand advantageously for when the market does correct itself eventually. We are here to help you continue to forge through and even thrive in these times of uncertainty.