Marketing during tough financial times requires flexible marketing managers and a new approach to combating fluctuating household spending. Managers are being asked to strive for the same results with a fraction of the budget of rosier economic times.
Previously sound markets have shifted, with fluctuating unemployment and commodity prices varying greatly from region to region. Marketers need to be constantly vigil, reprioritizing quickly to reflect evolving micromarkets.
Focusing on micromarkets within larger areas can identify audiences within a 'hard hit' area who are less price-sensitive, while still being able to offer preferential pricing to the rest. Read in detail about reprioritisation and marketing in a downturn.
Traditional marketing vehicles, while having a longer track record, are often costly and shortlived. New vehicles in the social and digital media space are often much more cost effective, increasingly accessible and more engaging, particularly with Gen X and Y audiences.
Most importantly, existing customers should be a top priority. The old adage goes that it is cheaper to keep a customer than to create new one, and at times like these it could prove the difference between make or break.
Focus on maximising the value for existing customers, read up on low budget marketing tactics, examine new marketing vehicles... there are always winners no matter what the economic climate.
