We are operating in a period of huge uncertainty, the result of which may well be an economic downturn. I know from experience that the first response of many businesses will be to cut marketing spend. This ‘batten down the hatches’ approach is an understandable reaction when businesses are anticipating that sales and revenue will drop. But is it wise?
I also know from experience that putting the brakes on your marketing activity is an approach that can destroy value in much less time than it took to build it. Inevitably, any company that leaves a gap where their marketing focus used to be, instantly creates a space for competitors to move in.
It can also inadvertently send out a signal that your brand is weak. This can be fatal – in a downturn, customers are looking for reassurance, stability and confidence. Cutting marketing activity fails to recognise that a company’s main customer base still need to be nurtured and engaged. Loyalty works both ways, if you switch off talking to your customers, they will switch off listening to you.
Communication is more vital than ever. Talking to your customers now will eventually help your business to stabilise and grow into the recovery. If your customers see ‘we will get through this together’ in your messages it will reinforce their emotional connection with your brand and keep them switched on to you throughout the lock-down period. Update them with what you have been doing to prepare for their return, if they think that you closed the doors and switched the electric off, they will find somewhere else to get that reassurance that this period of lock-down
will end.
My advice to any business that has already switched off an engine, restart it right now. It’s not too late, your customers are starting to see light at the end of the tunnel, take a look at your strategy, nobody planned for this, but you can get through it. Pilots have a number of choices when it comes to setting a flight plan with a predicted storm. These might include delaying their flight time, flying round it, over it, or even flying through it. But what they DON’T do is shut down an engine and reduce their principle means of staying airborne!
If it’s refreshed content for your website, a bespoke social media plan or a new way to communicate with customers, we can help. There is a way out of this, and it’s not too late. For a free consultation, drop us a line; enquiries@westendmarketing.co.uk
