Recession-Proof Your Business: Building Brand Awareness
Challenging economic times can be daunting for any business, and the natural instinct is often to pull back, conserve resources, and wait for the storm to pass. This is especially true when it comes to marketing, which is frequently one of the first areas to experience cutbacks.
However, did you know that building brand awareness during a recession can actually position your business for greater success in the long run? While it may seem counterintuitive, maintaining or even increasing marketing efforts in the midst of economic instability can help distinguish your brand from the competition, maintain customer engagement, and build a stronger foundation for growth when conditions improve. In part one of our blog series, we will unpack why marketing remains a crucial element during a recession. In particular, we will dive into the importance of building brand awareness.
1. Consider a Longer Buyer’s Journey: Patience and Persistence Required
First and foremost, it’s important to recognize that during a recession the buyer’s journey tends to be longer. Consumers are more cautious with their spending and may take more time to research their options before making a purchase. This means that businesses need to be patient and persistent in their marketing efforts and focus on brand awareness over sales. Competition among your competitors will also increase as there is less demand. Pay attention to what your competitors are doing and stay one step ahead.
Additionally, implementing a loyalty program can help retain existing customers and incentivize them to continue doing business with you. It’s also essential to understand the different motivators that can drive purchasing decisions during a recession. For example, the book “Who Moved My Cheese” by Spencer Johnson explores how people react to change, both positively and negatively. By understanding these underlying emotions, businesses can tailor their messaging to resonate with their audience and encourage them to take action.
2. Why Building Brand Awareness is Critical Yet Cost-Effective
Brand awareness is a critical yet cost-effective element of marketing during a recession. As consumers become more price-sensitive, they tend to gravitate towards brands that they trust and are familiar with. Building brand awareness through consistent messaging and a strong online presence can help businesses stay top-of-mind with their target audience when the economy improves. Here are a couple tips for navigating the sea of competition and standing out with your brand.
- Utilize digital marketing tools – Social media accounts and your website offer a cost-effective way to share your brand. Specifically, digital platforms allow you to target specific audiences, track the performance of your campaigns, and optimize them accordingly, ensuring that your marketing efforts generate the highest possible return on investment.
- Authenticity is King – Create authentic content for various channels such as email, social media, and your website that depicts your brand. People yearn for authenticity when selecting a company to work with, so don’t just look for immediate sales. If potential customers cannot relate to you, chances are they will move on to find a brand they feel represents their beliefs and needs. Ask yourself – What is my brand voice and tone? How can I use this to showcase who our brand is? How can I relate to them during uncertain times? Have I ever told our brand story to our audience?
- Develop Content Consistently – Deliver content to your potential customers and current clients frequently. Its simple psychology – having your brand name frequently visible in someone’s inbox or digital feed increases your chance of them remembering your brand when they are ready to purchase. On top of that, develop a buyer’s journey for your target personas so you have an idea of what type of content they may be looking for. Be cautious with this, as no one likes a spammy company, so make sure you are delivering content that matters.
Conclusion
Overall, building brand awareness during a recession is one of the most important marketing strategies. It is a cost-effective way to reach potential customers that are in a longer buyer’s journey. Be patient yet persistent. Following these tips can help position your business for success both during the recession and after.
Looking for a partner that can help you master your strategy during this confusing times? We’re ready to help, let’s chat!
digital marketing strategist, team lead
ABOUT THE AUTHOR
Megan Sternke
Megan is a Digital Marketing Strategist here at Magnetic North. In her time here she has explored her interests in campaign development & execution, graphic & web design, and social media marketing. One of her favorite parts of her job is fostering relationships with clients and finding new ways to bring value to her accounts.