“Uncertain times” - the term once predominantly used to describe the Covid era has now shifted into one used to describe the current state of the economy. While supply chain shortages, an unprecedented virus, political instability, and more continue to extend economic unpredictability, your marketing strategy may have been upended.
While intimidating, the world’s “new normal” just may be the push your company needs to step up your marketing game. And while the term “uncertain times” may sound banal and uninspired after years of hearing it, the following are four major reasons intended to inspire your marketing tactics in order to develop alongside the state of the economy.
Increased market share
Increasing market share is a goal that every company is inevitably trying to reach. Alongside increased market share comes increased profitability, brand recognition, and the ability to properly scale.
If your brand can create demand, you’re in great shape, and when it comes to market share, bigger is always better. Companies with market shares in excess of 40% have twice the profitability of those with only a 10% market share. It is estimated that for every 10% increase in market share, the return on investment rises by 5%.
When your competitors take their foot off of the gas in terms of marketing dollars, your overall impression is now increased as there are fewer companies now competing for the same space. In essence, this makes it less expensive for you to now gain a greater impression share. Now is the time for strategic investments and refreshed marketing tactics to increase market share.
While competitors are slowing down – climb to the top
Your competitors may not take the time to properly adhere to the struggles of the economy, allowing you the advantage to remain at the top of your game, or even grow to be recognized as the new authority within your industry.
Some of your major competitors may end up not surviving the fledgling economy, allowing for innovative, creative, and forward-thinking companies like yours to flourish. If your competition does end up thinning out, you have the opportunity to shine an increased spotlight on your innovative brand, attract new talent, and hone your leadership skills. With fewer competitors comes greater exposure and brand awareness.
While less money may come out of consumers’ pockets as buying becomes more conservative in an unpredictable economy, consumers will inevitably continue to consume. While some brands will scale back on marketing, or “go silent,” your brand has the opportunity to climb to the top and create more of an impression on your target audience and showcase your products and services to new customers.
Grow steadily with a long-term plan
There are no silver bullets or magic, quick fixes when it comes to good marketing. Similar to your credit score, quality marketing takes time and methodical, steady, long-term planning. Creating an integrated strategy can assist in the success of your company remaining sustainable for the years to come.
Leverage all channels to ensure that your long-term play is always working behind the scenes. Invest in quality SEO, social media, and email marketing strategies with long-term goals in mind. Remember, good things take time!
Continue to support your loyal customers
Lastly, but just as importantly, is the continuation of loyal customer support. Customers often have seemingly endless options when purchasing a product or using a service, and their choice to continuously choose you shouldn’t be taken lightly. Your steadfast customers stuck by your side when the market first became uncertain, and now is your chance to reward them.
Supporting your loyal customers can include loyalty programs, point systems, discounts, subscription services, and more. The optimal outcome for loyal customers is that they become organic brand ambassadors– a goal to ultimately strive for.
A customer feels supported and appreciated, an outstanding experience or a phenomenal product can be the difference between a one-time customer and a lifelong one, remaining predictable throughout this unpredictable economy.
How to step up your marketing game
Although you may be privy to the reasons why your company may need to step up its marketing game, you may be at a loss as to how. Refresh your marketing strategy:
- Create customer focus groups - creating a focus group can pinpoint and directly indicate to you what your customers are currently seeking from your company, which may have shifted.
- Adjust your pre-Covid marketing to lean into contemporary emotions and tone - let’s face it. We live in a completely different world post-Covid. The tone in your marketing should reflect that, whether you utilize emotionally-charged customer-related testimonials or case studies, all pre-covid marketing should be examined for a probable refresh.
- Emphasize stability - while the times may be uncertain, customers want to feel that your business is dependable, reliable, and stable. Use your marketing to convey a message of consistency and reassurance for both the present and future.
- Figure out your “why”. Before a single ad, blog, or social post hits your channels, knowing your “why” is the most important aspect of any integrated digital marketing strategy. Without this, you're just throwing rocks into a forest in the hopes of hitting a tree.
We’re practically desensitized as a society to hearing the now-uninspired term “uncertain times.” What should not be uninspired is your marketing. Increase your market share, climb to the top of your competition, grow steadily with a long-term plan, and continue to support your loyal customers to step up your marketing game in a notable and successful way.