When the market slows down or faces uncertainty, it may be tempting to reduce marketing efforts as a cost-cutting measure. We hear this all too often from business owners who view marketing as a necessary evil and who are all too happy to pull the pin when they perceive it will help them save money.
No-one needs a crystal ball to let them know that the past affluent years in the renovation sector are coming to an end as the world opens back up and our customers choose overseas travel instead of building or renovation work, or as the cost of living pressures and limitations to borrowing capacity cause potential clients to delay or cancel renovation plans.
But it’s not all bad news.
No matter what industry you are in, one certainty is that the market won’t always be buoyant. It’s normal for business to go up and down, and for there to be challenging times so it’s crucial for your survival that you are able to adapt.
However, history has shown us that businesses – particularly those in the service industries – that strategically invest in marketing during downturns can gain a competitive edge and emerge stronger than ever. Here are some key reasons why:
- Maintain brand visibility: While your competitors may be scaling back, continuing to market your products or services ensures that your brand remains visible to your target audience. By staying top-of-mind, you ensure your share of what business is available and increase the likelihood of capturing customer attention and loyalty when the market bounces back.
- Identify new opportunities: Downtimes can present an opportunity to re-evaluate your marketing strategy and explore new avenues for growth. Analyse customer needs, trends, and emerging markets to identify any untapped segments or areas where your offerings can address unique challenges. Adapt your messaging and approach to resonate with these evolving customer demands.
- Nurture customer relationships: During challenging times, customer loyalty becomes paramount. Engage with your existing customer base through targeted digital marketing, personalised communication, and value-added content. Show empathy, address their pain points, and offer solutions that demonstrate your commitment to their success. By nurturing these relationships, you can strengthen customer loyalty and increase customer retention rates.
- Focus on digital channels: As more people rely on digital platforms for work, communication, and entertainment, leveraging digital marketing becomes essential. Optimise your online presence, engage with your audience through social media, develop thought leadership content, and explore digital advertising channels. Digital marketing offers flexibility, cost-effectiveness, and precise targeting options that can yield significant results even during challenging times.
- Embrace innovation and creativity: Down times often inspire innovation and creativity. Use this opportunity to think outside the box and develop unique marketing initiatives that capture attention and differentiate your brand. Explore collaborations, strategic partnerships, or experiential marketing approaches that align with your brand values and resonate with your audience.
Remember, every downturn eventually comes to an end. By staying proactive and maintaining your marketing efforts during these challenging periods, you position your business for future growth and success. Marketing is an investment in your business and maintaining (or even increasing) your marketing during down times ensures you will remain front of mind when circumstances change.
The key to the success of any digital marketing is a strong strategy that sets the foundations of what you will do, why you will do it, how you will achieve your goals, when elements of the plan will be implemented and how you will measure success.
Strategies need to change and adapt to a changing business (and world) landscape so if your digital marketing strategy is in need of a refresh – let’s chat. House of Social offers a range of marketing packages that can help refresh your brand and/or provide you with a strong strategy for you to implement in your business.
For more information visit houseofsocial.com.au/
