The stock market has gone nuts, people have been making runs on supplies and resources, and everyone is worried. But most importantly, everyone is scared. This Corona Virus Pandemic has left a lot of people wondering what will happen next. And if the economy does slow down, some business owners may be left scratching their heads,wondering what to do with their marketing gameplan for the future. Based off my findings from the 2008 crash, I'd like to share some tips on how to market your company during a recession.
Step 1: Don't Panic. That's how toilet paper marketing gets invented.
During a recession, the economy slows because resources are not as easy to come by. This can happen for a few reasons. People aren't as confident they can make more money to replace the money they just spent. A lot of people may have also just been laid off or down-sized and they don't actually have any more coming in. But if you lose a lot of sales, don't panic. Panicky behavior is what led to Grocery Stores running out of basically everything in a matter of hours. Panicky behavior is what causes stock markets to crash. That's why there are now policies implemented in the NYSE to make sure trading halts when huge crashes are detected. Panicky behavior is human nature, though. People want comfort, security, love, and most importantly, we all desire the money that gives us the means to enjoy and meet those needs. So slow down. Take this time to think about your plans and, most importantly, enjoy the free time with your family and friends.
Step 2: Pop Culture becomes your friend.
During a recession, people's interests are usually focused on fewer, more popular things. That means, you have to focus on the target demographic you need in order for your company to sell more goods. Pop culture almost always unites people in nostalgia. At its basic level, it's a proven way for your brand to share a common interest with users and keep your brand top of mind. So, know your audience. Know your target demographic. And know what they know. Take some time to study their interests.
Step 3: Please, don't share memes... unless you are an anon.
If you have no idea what I just said, please just move on to Step 4. This section is for the communities of reddit and 4chan (websites designed to bring people together over particular interests and hobbies). Holy crap, Reddit and 4Chan. When did you become so inundated with spicy Meme Lords, & Bots that you can't actually carry on a normal conversation with anyone any more? When you are speaking to your customers, you don't want to speak in riddles. You want to communicate with them effectively, and clearly, while entertaining them. A lot of people just don't get Memes. If you don't know how a meme works, you can do more damage to your brand then good. And even if your target demo is men between the ages of 18 - 34, there are better ways to reach them then spending money on a crappy meme and hoping it will spark some interest in their feed. I'm not trying to hurt reddit's bottom line by any means. I love the website more than any other site on the web, and probably spend way too much time participating. However, I've been in the community for a while and know that they just don't like advertising on their forums. Instead of selling advertising the way they do, I wish advertisers could reach out to the sub mods and do something cool for each community. AMA's used to be great, but now a lot of them seem to be just canned interviews with canned responses. Conversations about big movies coming out used to be shared by users that were actually interested in the genre, story, or "world" the movie takes place in. Now, it's all hacked or purchased accounts controlling information via vote manipulation with bots and hoarded linux distros.
Step 4: Content is and always will be king.
I don't care how old that statement is. Good content will always be better than boring stuff. People will still have time to browse their favorite social media channels, and they will still want to see good content. If they like what they see, they will share it with their friends and their friends will share it with more friends. Of course, you should know by now that means it went viral. If your company has enough cash on hand, DO NOT lose your artists and dreamers. The companies that can battle through this recession while keeping their art staff will always be the companies that come out on top after the battle is over. A great photographer does wonders for your brand. An amazing writer can spin the best stories for your company and help keep you top of mind for each and every one of the people trying to purchase your products, goods, or services.
Step 5: Become best friends with your CFO.
If you don't have a CFO, learn how to be one immediately. Every penny counts when there is less money coming in and a good CFO knows how to make sure you don't replenish your reserves before the recession is over. Your strategies and plans could change monthly, weekly, or even daily, so stay on top of the numbers, watch every single penny or asset your company owns, and make sure you continue to do so until the economy starts to swing up again.
If you need any help navigating these terrifying waters, Waring Media is always available for marketing consultations. Please don't hesitate to call our office at 407-986-0932 or send an email to firstname.lastname@example.org in order to get more information on our content creation, advertising, or digital marketing services. Please stay safe during this outbreak and try to enjoy any free time you've been given. It could turn out to be just the thing you needed!