During soft economic times, customers are more cautious, value-conscious and cost driven. They engage in more product and services comparisons before purchasing. Bringing them fresh ideas can be one of your key retention strategies. If you don’t, your competitors will.
Marketing leaders owe it to their company to make sure marketing investments are focused on realistic goals and mechanisms for achieving them. It’s important to maintain connections with past and prospective customers throughout all economic cycles – ups and downs.
Energizing your customers – getting them charged up and talking about your products or services – should be done consistently in any economic condition. Determine what your customers are looking for and focus your attention there, such as engaging customers online with great content and experiences.
There’s a lot of negativity about the state of the market right now. All markets fluctuate. Economic cycles come and go. But retreating in your marketing efforts is a huge error. The challenge is how to leverage your brand and connect with your customers. Your top priority is to invest time in putting together a powerful and flexible marketing strategy and plan that you can focus on, follow and carry out.