MARKETING IN AN ECONOMIC CRISIS

I think its safe to admit that the world is facing a global economic crisis. No world leader is willing to utter the word ‘recession’ but we have certainly seen inflation at levels not seen in aeons.

This is surely not what businesses recovering from the throes of the COVID-19 pandemic expected. 

So how do they treat marketing in this period? Here are a few suggestions:

·         Focus marketing efforts on the customers you have – This means that the entire customer journey should be focussed on serving the customer efficiently and profitably. Nothing more, nothing less!

·         Don’t stop marketing – It may mean a change of marketing strategy or an enhancement of what exists but don’t stop marketing.  Use up the online outlets such as social media as well as email marketing.  Ensure that content is rich, attention-grabbing and has a clear benefit to the customer.

·         Adjust your marketing message – While still pushing your offering ensure that you adjust your messaging to incorporate a positive tone.  The messaging must be sensitive to the current conditions and offer solutions that build a stronger relationship.

·         Make use of market research – Access the most updated customer information available and use those to inform your marketing campaign.  Market research can also help the business to understand new customer needs and how to best approach your target market.

·         Stay visible & consistent – Whatever you do, don’t disappear from the market place. Revamp and reuse old content, collaborate with complementary businesses and keep in consistent contact with your customers. 

MARKETING: THE ‘WHY’ OF BUSINESS

For marketing to succeed in 2022, it can no longer be about the series of marketing strategies or a checklist of tasks to be accomplished to complete the marketing action plan.  Success in marketing in 2022 will be linked to the ‘why’ of the business.  The goal and objectives of marketing therefore must be closely aligned to the overall goals and objectives of the business.

If the goal of the business is to expand its reach into global markets through export, marketing must look for opportunities to engage with stakeholders in the selected global market spaces.  This may mean aligning the business with complementary businesses in those locales or teasing the market with interventions such as customer sensitization sessions and marketing activities including Events and Public Relations.

 

It will also mean building community around the business and brand in the new market, working out the logistics of production, whether it will remain local or will production facilities be required in the new market.  Packaging and distribution will also need to be addressed.  The question of changing or adjusting the packaging may become necessary, and the number and extent of locations will determine the distribution logistics.

The popular misconception that marketing is an expensive, profit-depleting exercise must also be dismissed.  Marketers hope that if nothing else, the pandemic era has propelled the importance of a good brand image and building lasting customer relationships to the fore.

Marketing cannot and should not be an afterthought.  It must remain strategic, defined and targeted with specific outcomes in mind.  At the end of the day, marketing must help the business to accomplish its end goals.