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.