Many companies are wondering right now whether they should open a new headquarters, invest in a new product line or do precisely the opposite, wait a few months until they have a clearer vision of the country’s economic and political future.
But what every innovative entrepreneur is surely thinking is that if you stay put, your company will suffer and often fatally.
In this turbulent context, a necessary discipline comes into play that directly influences all business aspects: Marketing.
Of course, marketing goes far beyond advertising, being responsible for actively participating in market analysis, understanding customer demands, searching for economically viable solutions and profitable markets for the company, product development and promotion and advertising, both institutional and products.
It sounds like a lot, and in fact, it is. Therefore, it is necessary to have a specialized marketing agency or a marketing consultancy.
But it can’t be just any company. Those who partner with a marketing company focused on results come out ahead. You realize that the marketing consultant focuses on results when talking to him. The line is always in the direction of sales, savings, conversion, etc. When the conversation goes in a direction that points to topics like “how many likes” clicks or other somewhat ethereal metrics, my advice is to run away!
A qualified marketing agency wants for its client what it wants for itself: More sales at a lower cost.
In times of crisis, small and medium-sized companies are strongly affected by the retraction in demand. However, a good marketing consultant knows that demand can and should be stimulated through a good marketing mix.
Defining the characteristics of a product that serves your ideal customer works as much in times of “fat cow” as in other times when the bills are not going so well.
The entrepreneur mustn’t stop the growth engine of his company based only on what he perceives from the speech of other entrepreneurs or the mass media.
Even in times of crisis, sales happen. Of course, consumers are more attentive and selective in the purchases they will make, but in fact, they will continue to happen. With the help of a good content marketing team to learn from the market, study it, and meet the demands of the current economic situation.
A marketing company also views outside the company walls, expanding and helping the entrepreneur and his team to think laterally and outside the usual context.
Keep your production capacity active in times of crisis, invest in a good marketing plan that addresses the demands of your customers. If you’d like to enlist the services of a creative content firm to boost your sales even during a downturn, contact us and find out how we are helping dozens of companies with our marketing work. So, if you are looking for creating content for social media marketing, look no further and directly reach out to us.
Marketing Strategies in Times of Crisis
The financial crisis that the country is currently going through has significant repercussions on the way companies see and practice marketing.
One of the key reasons is that people’s purchasing habits alter drastically in times of crisis, limiting their purchases to only the most needed products.
It is precisely because consumer behaviour changes in times of crisis that companies must also change the focus of their marketing strategies.
It remembers that marketing is not just promotion and advertising but a discipline that encompasses the definition of products/services, pricing, distribution and promotion.
Understanding what the consumer wants
The first significant change in any company’s marketing strategy in times of crisis is to adapt its products and services to the level and type of demand that exists during this period.
This is the case of washing powder companies that create smaller packages with a smaller product. In times of crisis, they detected that people prefer to buy smaller amounts in more trips to the point of sale instead of single monthly purchases.
So, it is essential that each company conducts market research to capture changes in consumer behaviour and habits in times of recession to determine a proper strategy for social media marketing content marketing respectively. It is also advisable to conduct such research before running a social media marketing strategy.
Each segment is affected differently, but practically all are affected. Therefore, market research is a fundamental tool for “feeling the pulse of the market”.
Attentive businesspeople and marketing departments must adapt their line of products and services considering the intrinsic and extrinsic characteristics of their products that are more seductive and desired by their target audience at this time of crisis.
Reviewing the communication
People become more reasonable during times of stress, and impulse purchases decrease.
Everyone becomes more selective, and the tone of your communication with the market must change to reflect a new way of communicating with your customers.
Other convincing elements should be highlighted in the company’s communication process with the market, such as rationality, safety and economy.
Every point of contact with the consumer needs to highlight this set of most relevant attributes to its target audience.
Due to the particularities of each market, it is difficult to say which attributes should be highlighted in your business communication. Still, in times of crisis, some benefits inevitably become more relevant for consumers, such as economy, reuse, speed, etc.
In our creative writing agency work, we have been working with companies that are readjusting their internal structure, product line, pricing policies, and promotion practices due to this market bottleneck and the economic downturn.
If you want to review your marketing strategy at this time of crisis and need a specialized marketing consultancy or extraordinary content writing services, please contact us.