“Seen properly, everything that happens—be it an economic crash or a personal tragedy—is a chance to move forward. Even if it is on a bearing that we did not anticipate.” — Ryan Holiday, The Obstacle is the Way
Advertise, and they will come. Right? Get the word out, build the brand, and reap a bushel of customers. Isn’t that the way it works? Well, sometimes. But sometimes not.
Especially during these lean times, ROI on marketing investments is crucial. It makes insights into what appeals to both the masses and niche audiences, at any given time, so incredibly helpful. Because attaining tangible results that impact a company’s success, and ultimately their future, is priority numero uno. On that, we can all agree, yes?
There’s no doubt that COVID-19 cast a forever impact on our world, igniting massive supply chain issues and sabotaging a healthy job market, causing it to jettison from huge unemployment numbers to an intense shortage of laborers. And then why not toss in rapidly rising inflation, you know, just for fun?
If ever there was a time and a need for businesses to be attentive to the wants and needs of the consumer, surely it must be now. So, let’s delve into what strategies offer the best chance at oh-so-needed success during these challenging, more-budget-conscious-than-ever days.
1. Continue Investing in Marketing
Even if every instinct screams encouragement to pull the belt tight on spending, resist the urge to hunker down behind a slashed marketing budget. Cutting back on promotional spending during challenging times is generally not advisable. History has repeatedly proven that brands who power through the tough, lean times, continuing to execute their marketing plans, tend to enjoy the greatest “harvests” when the economy swings upward. So, by all means, make thoughtful, well-researched marketing expenditures—rather than tossing money at willy-nilly ventures—but do continue to invest in marketing your brand, services, and products.
2. Evaluate the Values and Behavior of Your Target Audience
For that matter, evaluate your target audience, too. So many things have changed in nearly three years of chaotic upheaval. First, consider that your target audience may have shifted. And then, give undivided attention to assessing how their values, behaviors, goals, and dreams have, at the least, been tweaked, if not completely overhauled.
Times of financial strain brought on by an economic slump or the recession-like conditions plaguing the country are known to affect how people think and react. And COVID? The pandemic instigated huge mindset and lifestyle modifications unprecedented in recent decades. Tough, uncertain times challenge our priorities, often drawing us closer to hearth and home. When the wallet takes a hit, frivolity takes a back seat to value, and durability gets top billing over the desire for trendiness or style. Understanding and acting upon these changes can bridge the gap between success and failure.
3. Utilize Testimonials and Case Studies
Actually, utilize may not be the best verb for this situation. Because you need to harness the opportunity that lies within the praises sung by satisfied customers and drive that buggy to the front of the marketing track. Why? The more uncertain the times, the more folks want to hear from “real people” that the product does what it’s supposed to do, that the company stands behind its services, and that ABC Business cares deeply and will go the extra mile.
Whatever form they take—online reviews, live video, commercial-length testimonials—accolades from loyal, satisfied consumers expressing their positive experiences and personal recommendations can’t be beaten. But especially when a squeezed wallet or raging uncertainty grips spending decisions, authenticity is the key. Real folks vs. a corporate sales pitch? No contest.
4. Seek, Listen to and Act upon Customer Feedback
If you think marketing ends when the sale is complete, you’re missing out on a wealth of incredibly valuable insights. Customer feedback should—it has to—directly channel into any marketing plan. Beyond discovering which marketing avenues sourced the most sales, which in itself is huge, getting real-time insight from customers carries the potential to improve customer service vastly. And we all know that customer service is king.
5. Treat Past Customers Like Gold
Everyone jumps for joy over new clientele, but repeat sales and service opportunities from previous customers are what keep many (possibly most) businesses in the black. By incorporating into your marketing plan a variety of ways to dole out VIP status via perks, incentives, and the like, you’ll turn those repeat customers into lifelong customers. Label them “gold club members” or something catchier that fits the business. Offer them ambassador-type opportunities. Pull out all the stops to treat them like the gems they are. You will not be sorry.
In the best of times and in the most uncertain of times, ASJ Partners remains a strong pillar, accelerating profits for recruiting and staffing agencies across the country. For more than twenty-five years, our unique, customized, and highly targeted marketing programs have helped agencies from coast to coast Sell More, Win More, Grow More, and Be Found More. So give us a shout-out at 610.930.5300 or email us at weneedhelp@ASJpartners.com.
