All businesses have been affected by Covid-19, and in these uncertain times, it’s understandable that every cost is carefully scrutinised. Marketing and comms is often one of the first expenditure lines to be cut, but that can be a mistake. While it’s prudent to examine costs, simply slashing marketing and PR budgets can leave a business losing its lifeline to its customers and struggling to recover when the situation improves. By carefully examining the market and customers’ changing needs, and adjusting marketing strategies and communications tactics accordingly, organisations are more likely to prosper now – and when the good times return.
Here are the top 10 reasons why now is the perfect time to market your product or service:
Marketing is essential to building – and maintaining – a strong brand
Building and maintaining strong brands—ones that customers recognise and trust—remains one of the best ways to reduce business risk. The stock prices of companies with strong brands, such as Colgate-Palmolive and Johnson & Johnson, have held up better in recessions than those of large consumer product companies with less well-known brands.
PR can help you to take advantage of your competitors’ mistakes
Inaction is the riskiest response to the uncertainties of an economic crisis but rash or scattergun action can be just as damaging. Sometimes, the pressure to do something produces an uncoordinated response from organisations. By strategically marketing your business throughout the pandemic recovery while assessing your competitors’ vulnerabilities, you’ll be in a position to capitalise on their mistakes or errors in judgement.
Businesses review their suppliers during a recession, you want to be front of mind
Just as your organisation is reviewing its cost base, your customers will be doing the same. Your product or service will only avoid the cut if your customers perceive that it provides greater value for money than your competitors’ products or services and that’s what marketing can achieve.
Loyal customers are your enduring source of business
In bad times, your existing customer base is the one sure thing that can help to get you through. Maintaining communications with these customers can help to reassure them that it is very much business as usual and your organisation is there to support them through the dip.
Your competitors are cutting back on marketing and comms
If you’re suffering from the effects of the pandemic, then your competitors will be too. It’s possible they’ll take the knee-jerk decision to cut their marketing spend. That creates more space for your voice to be heard in a less-crowded marketplace.
Advertising prices are lower and there are more deals available
The trade, business and national press are suffering, too. Advertising sales teams may be willing to offer special deals and negotiate more than they usually would. You will get more bang for your media buck.
Marketing your business can help you acquire great talent
It’s no secret that the unemployment rate is growing as the furlough scheme draws to an end. All of which means that there will be talented people on the market keen to support your business’s growth. Marketing your business shows these potential recruits that you’re a business in a strong position with solid ambitions.
People need free advice
While many of us will have faced recessions before, no-one has faced a global pandemic. Therefore, the need for independent, unbiased and freely-available advice is high. If you can position your organisation as the go-to place for information and support on your particular niche area during this difficult time, then you’ll be quickly seen as a trusted partner that people will want to do business with.
Growth is cheaper in bad times
With a strong PR campaign, your business is set for growth meaning you’ll need to expand accordingly. Whether it’s buying new equipment or more stock, signing a lease on new premises or hiring new people, it’s likely to be cheaper to grow in a more challenging environment than in boom times.
Expert help can be more cost-effective in a recession
Many businesses reduce their marketing and PR head count and turn to external agencies for support during difficult times. The reasoning is that the expenditure can be more flexible. Of course, communications and marketing experts will also be facing their own challenges and are again more likely to be flexible when it comes to terms and fees.
If you’d like to know more about how to market your product or service, download our free guide to this topic or listen in to our webinar.
We’d love to hear your experiences of marketing and PR during Covid. Please do get in touch and share your views.
