Marketing is Always Important – Good or Bad Economic Times
Smart Marketers Have the Future in Mind
For many, the U.S. economy is humming along. The unemployment rate is 3.7 percent, the lowest in almost 50 years. Manufacturing is returning to the states and is forecasted to increase faster than the general economy. Home healthcare is the fastest growing sector, projected to add 425,000 new jobs by 2026.
With this type of rosy economy, businesses may become over-confident and over-optimistic, often forgetting about the bad times. One of the biggest mistakes companies make during a good economy is reducing their marketing efforts and falling into a comfort zone. These same businesses then often panic when times become tougher, and begin marketing again or sometimes market for the first time ever.
Smart marketers keep an eye on the future and do not let good economic times sway their marketing efforts. Below are five principles that can help guide your marketing.
- Focus Your Efforts
Concentrate your marketing efforts on product lines that offer both short- and long-term potential. Do not be short-sited and just think about today’s sales. Instead, also consider major industry trends and where they may be headed. Figure out how to best serve your key markets with the right products, at the right price and with the right marketing efforts. You want to guarantee your competitive advantage today and tomorrow.
It is critical to communicate with your customers and partners because you always want to stay top of mind. Inevitably a downturn will happen again, and you want to be sure they turn to you first for any of their needs. There always are competitors looking to steal your market share. With business, out of sight can definitely lead to out of mind and a loss of revenue.
- Maintain Diversification
You not only need to communicate, but you must communicate across a cross-section of media. Do not “go dark” on certain channels. You want to ensure that your brand and your products are visible at different times and in different places. We always advocate promoting a marketing piece across different channels because one impression does not necessarily result in a lasting impression.
- Create Integrated Marketing Programs
Smart marketers are interested in increasing market share even if it is humming along. Integrated marketing programs will help to do just that by connecting with customers and prospects using a consistent message and look across digital and/or traditional marketing deliverables. When executed correctly, these integrated marketing programs will help you drive business and increase market share.
During good times you may feel like you are running at 100 miles per hour to just take care of current business. However, it is critical to continue strategizing with internal constituents and even outside resources for the future. Be sure to produce a marketing plan for the new year. Have a review session to determine the marketing campaigns that were the most effective and those that did not produce great results. You want to make the best use of your marketing budget.
Keep Your Marketing Momentum Going
Your staff may be overloaded with business NOW, but do not let your marketing efforts fall to the wayside. The diamonddog team can assist with marketing campaigns as needed to help ensure you stay in front of your current customers, prospects and partners. If you would like to schedule a time to chat, please contact us at 847-269-1422 or firstname.lastname@example.org.
August 10, 2023
September 26, 2022