I was interested to hear from a Business Link adviser recently that the area that firms are looking for guidance on above all else during the downturn is marketing.
Companies realise that to survive they have to adapt – they need to fine tune their product or service offering, build their customer base, and ensure that communications with existing clients and intermediaries is as strong as it can be. Firms that maintain spend through a downturn often see their market share increase as weaker competitors pull activity. Here are some quick marketing tips…
Realise the full potential from your existing customers
Just as you are targeting potential new customers – you can be sure that your competitors are targeting your current clients. Your first priority must be to ensure that your existing customers are receiving an exemplary service. Getting closer to your clients may identify opportunities for drawing greater value from them – which can be a highly cost effective growth strategy.
Don’t compromise your brand
It is often tricky for marketers to work out how best to talk to consumers during a recession. Should they talk about the product quality, the longevity of the brand or simply the price?
Research has shown that in a downturn many companies drop their well-established values and distinctive marketing styles in favour of reactive promotions. This technique may result in some brands losing the very elements that make them valuable to people. It takes years of hard work to build a reputation for quality that you can be proud of. Don’t jeopardise this by aggressive discounting strategies to boost your revenue.
Be selective in the markets that you target
If your business is focused on serving a market that is impacted by the current economic downturn, this might be a time to broaden the base of your business, breaking into new sectors.
Review your online strategy
The current downturn coincides with a massive change in the structure of the media, with online social media channels presenting important new opportunities. These tools can present a cost effective opportunity to promote your business.
The challenges of managing online opinion
The newly redesigned BBC News website has certainly got fingers tapping away furiously at the computer keyboard. What intrigues me is the strength of feeling this has unleashed, driving thousands of people to post their comments on the editor’s blog.
Predictably, the majority of these comments are negative, with regular contributions posted by those that feel passionately about reverting to the original layout. People will always be resistant to change and businesses have come to expect this. But what interests me is how customers are making their views felt and the ways in which businesses are responding.
I have to admit that I’m not mad about the new-look BBC website, but I didn’t feel compelled to write to the editor to tell him that. Perhaps I didn’t feel strongly enough about it. Or perhaps I’m still inclined to give vent to my feelings in the ‘old fashioned’ way by talking to family, friends and colleagues.
Does this mean that we can divide consumers into those who harness the power of the internet to share their views with as wide an audience as possible – and those who choose to voice their feelings more privately? Not for long! As people of all generations get to grips with the potential of the internet, I think it will become increasingly difficult to resist the temptation to engage with like-minded people and release the lobbyist or activist within.
This presents the business world with vast and complex challenges. Billions are being invested in understanding the ‘new’ consumer and engaging with them using often unfamiliar communications platforms. Companies are deeply concerned about safeguarding their brands and reputations from this onslaught of self-expression.
The online reactions to the BBC News website are a perfect example of how people are far more likely to highlight negative rather than positive experiences. Given this trend, businesses which choose to create online platforms where customers can comment, need to give careful consideration to how they are going to interact with these responses and the impact this dialogue may have on those that read them. While it’s crucial that companies demonstrate their commitment to their customers, they also need to think about how they manage these relationships and respond to very public, and often heated, exchanges of opinion. In this rapidly-changing communications landscape, nothing is certain, but like everything else in business, you need a plan!
Tagged with BBC, bbc comments, blogging, new bbc website, online, Social Media.
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