subject: Feel the Financial Fear and Face Marketing Facts Anyway [print this page] Feel the Financial Fear and Face Marketing Facts Anyway
There's an advertising crisis at the moment, as news publications on the news-stands feel the pinch of the recession on their revenues. Sales and readership are reducing, as more people go on line to get their answers. It's a toss up for many between buying the daily or having that coffee and cake in the morning before work. In the wider business world, companies are reducing their marketing budgets previously allocated to classifieds and advertorials.
We have been here before... About a decade ago, recession bit and companies experienced a drop in their sales as belts were collectively tightened. Marketing, because poorly understood by many small and medium enterprises, is the often the first area to pull back on. Ten years ago, companies, unsure of the return on their investment, reigned in their budgets for marketing. It was a vicious cycle as sales dropped when companies dropped off the radar of the consumer.
When the economy is suffering, there's a vicious circle that business owners feel powerless to prevent. It's a downward spiral. Customers buy less, so there's less money for marketing, which means in turn that there's less money to persuade customers to buy in the first place, and eventually the ripples continue to spread into pools of self-fulfilling prophesies.
Unless of course your marketing has been proven to work in your business. You are confident that your results are specific and measurable and you know the direct correlation between marketing investment and return on investment. These businesses continuing to be out there during recessionary cycles know that advertising can be both the first point of contact for new business and is the connection to their existing customers.
Ironically, the reality is counter-intuitive. Whilst recession sends some businesses running for cover, in fact, reverse psychology is needed in your marketing and it is based on this simple tenet. We create the very conditions we seek to avoid through fear. Beware of self-fulfilling prophesies. Ask any therapist and they will verify this. The same principles apply to organisations as individuals... in fact the outcomes might be greater!
Here's another interesting psychological lesson for those gripping the advertising purse strings with white knuckles and holding on for the ride. Behave 'as if', until you get the results you desire and become the 'thing' / 'person' you wanted to be in the first place! You will attract those people (or customers) who seek those qualities and the cycle of 'poverty' is broken.
But here's the rub. In hard times, companies cut back on advertising when they are not convinced of a direct correlation to their return on investment, i.e. they fear that their hard earned returns are potentially wasted, so they withdraw from that which they believe hurts them and in so doing shoot themselves in the foot at a time when it can really count!
So how do you get over this psychological and financial pain barrier? Look at those advertisers in your industry who are still in the game in spite of recession. What are they doing? Chances are they are simply telling customers why they still need to consider buying their product, how purchasing their products or services benefits the buyer and what their particular product offers. In short, the smart marketer will be promoting FEATURES and BENEFITS they know their customers respond to, no matter what the climate.
Some sceptical business owners could be reading this thinking, "but that kind of advertising space COSTS!" Well, first off, remember these publications wanting your advertising custome are suffocating too right now, through lack of advertising revenue. Times are hard for them too, so your business is in a stronger negotiating position with sellers of advertising space than in otherwise normal market conditions. Tell the agent you want a suck it and see' trial run. Then if your marketing works, then they will benefit from a continued commitment thereafter - and you know much of your custom is generated online anyway!
Second and this is crucial remember if your product is so great, that the market gobbled it up before the recession hit, those hungry consumers are still out there; customers just need stronger reasons perhaps to buy now... So give them what they want... REASONS... FACTS
As a teen, I was a HUGE music-head. If I was a fan of a particular band, I wanted to know everything about them and wanted to hear EVERYTHING they produced and buy whenever I could afford it. If necessary, I saved up! OK until Roger Waters dampened my passion momentarily with The Final Cut', because he had run out of interesting ideas and the music followed suit...Still, I moved onto other musicians and bought their records instead! This is my point - Pink Floyd had nothing more to say that I wanted to hear... I haven't bought an album by them since...
My point is this. Marketing should be about sharing value and information people want to know about. A loyal customer wants to indulge their passions; fresh prospects may want to find solutions to their problems. Any quarter page advertising in a well-selected journal is going to get the eyeballs of your fans! Your fans are your repeat buyers! Your loyal customers are who you produce your products for, right?
You need to keep that love affair alive and trust in your customer's commitment to buying from you. If you do not believe your customers have a good enough reason to act on your advertisements, you just need to re-focus your own passion and get over that fear holding you back from giving your 'message to market'. Your repeat customers AND those you have not reached out to yet are definitely worth your marketing investment right now.
As your competitors drop off, your opportunities to grab attention, generate fresh interest and even incite new curiosity could significantly increase your market share! When your message is clear and your target audience responds, your apparently expensive investment can more than pay for itself.
So, think afresh about what excites you about your own products or services. Make a list of features and benefits you can offer consumers, then put yourself in the shoes of your customer. What do they want to know? Be specific! "Does it save me money?" "How much?" " Is there a time-delivery process?" "What inspired the company to create your (unique) product?" "What is the story behind the story?" But just stick to the facts and drop the frippery and fluff! Be proud of your business and share what you have to say with people who will still seek you out and plan their next purchase.
In short, information marketing can be your anti-dote to market depression if you take a more clean and clinical approach to your message delivery.
