Most small business, freelancers and charity' first instinct during troubling economic times is to begin reducing their expenses, and the vast majority of them will gut their marketing and advertising budgets.
While this cost-cutting move sounds like a logical money saving idea, it also makes these agencies virtually invisible to consumers, and potential donors- leaving them even more vulnerable to competitors taking their business once the economy improves.
But you don’t have to be one of those businesses.
If your company is prepared, a recession can present an opportunity to stand out. This is where branding comes in. While others are timid, you should be bold – and highly visible.
Here’s how to ensure your branding helps you stand out now, and positions you to recover quickly from this downturn:
Strengthen your positioning:
Brand positioning is essential, because it sets your business apart from the competition in clients’ and consumers minds. Your brand’s position clearly conveys that your business is IT right now, and it provides more insight into where you go next.
During a recession, consumers often reconsider spending priorities. So, you want to make sure your clients are confident with the direction of your business.
With strong positioning, people are able understand exactly who you are and what you can do for them. When they know your brand well, it’s much more likely you’ll be top of mind when they choose which companies to continue to spend with.
Begin to prepare for the next recession and identify your brand differentiator. Even when the economy is thriving, having a unique brand is essential for business.
When your brand or your brand’s positioning isn’t unique, it will likely not stand out. You may provide the same services as one of your competitors, but when you do a little something extra, it can make all the difference when attracting and retaining consumers. In a recession, it can be the key differentiator that will keep your business thriving over your competition.
Clarify your brand.
Similar to your brand’s differentiator, you want to make sure your brand’s message is clear for what your business is known for.
When consumers are looking for a particular service that you provide, you want to make sure you are top of mind.
Even through tough times, don’t shy away from your business’ marketing efforts. It’s more important than ever to stay in front of your audience; it shows that your brand and business are strong, even during a lull in the economy.
Take the initiative and put your brand out there!
I'm rooting for you,