Challenge is Opportunity

Here in Canada, we’ve had a rocky time with the economy over the past few years. Financial experts see the next two quarters to continue this phase, but by mid 2024 we’re expected to be on our way to recovery.

If you’ve cut back on marketing during this time, it’s likely led to missed opportunities and broken sales funnels. Now is the time to get back in the game.

Developing and executing your marketing plan now will have you top of mind as clients and consumers re-enter the buying cycle. You’ll be ahead of the curve with competitors that haven’t done what’s needed. Or you can underestimate your competition, do nothing, and see your market share shrinking instead of growing when the economy picks up.

Let’s break it down:

STRATEGIC INVESTMENT

Marketing is an investment in the long-term success of your business. Building and maintaining brand equity pays dividends in the form of customer loyalty and sustained revenue streams. It’s also a long-term play because it takes time to build up marketing efforts and get customers at all levels of the sales funnel.

A proactive marketing strategy allows you to adapt to changing customer behaviours and preferences. It also provides a platform for launching innovative products or services that meet evolving needs. By always paying attention, you’re less likely to be caught flat-footed when your market shifts.

While competitors might have cut back, this is your opportunity to gain market share. Increased marketing efforts lead to capturing a larger portion of the market. This period is a valuable time for testing new marketing channels, messaging and strategies. With today’s data-driven insights to optimize your approach, you’re that much farther ahead when business gets busy.

It’s a wheel that you need to keep in constant motion. With your brand visible during economic instability, it helps maintain mindshare with customers. When they’re ready to make purchasing decisions, they’re more likely to remember and choose a brand they’ve seen consistently.

Strategic marketing spending yields a higher return on investment, particularly if you target effectively. It’s important to realize that a consistent marketing budget is necessary to grow results. While some only see marketing as overhead, marketing contributes directly to the bottom line by providing sales leads into the funnel for salespeople to capitalize on.

YOUR CUSTOMERS

Continual marketing efforts demonstrate confidence, stability and commitment to your customers. This builds trust in your brand, even during uncertain times. By engaging with your customers through various channels to understand their evolving needs helps you target the most effective ways to reach them. The feedback will inform your marketing strategies and product/service offerings.

And let’s not forget, during economic challenges customer acquisition costs may be lower due to decreased competition. This is an opportunity to acquire new customers at a potentially more cost-effective rate.

LET’S NOT FORGET THE EMPLOYEE FACTOR

A strong marketing effort provides a sense of stability for your employees and translates directly into their morale. It shows that the company is proactive about growth and sustaining operations. In today’s shifting employment landscape, employees want to know they’re working for a company that’s committed to succeed. Lose your employees’ confidence and the business you’ve spent years building up will have internal issues to go along with its external challenges.

AND

By taking a proactive approach to marketing, you’re positioning your business to not only weather the current economic challenges but also thrive in the coming recovery phase. It’s an investment that pays off in the form of increased market share, a stable workforce, customer loyalty and sustainable growth.