William Joseph Communications

The Importance of Marketing in a Down Economy

Part of living and working in a boom/bust economy is the inevitable and temporary downturn. Sadly, one of the first things to go in these leaner times is marketing budgets. Companies that cut their marketing budget, however, are missing unique opportunities presented in times of economic uncertainty. By thinking long term, careful investment in marketing will ultimately assist your company bounce back as the economy improves. Consumers do not stop spending all together when the economy shifts, they just spend differently, so any dramatic shift from your strategic marketing plan will cause your business to miss an opportunity.

The main reason your company can benefit from a careful investment in marketing is the same reason your competitors can miss out: the idea that marketing is an expense, not an investment. As your competitors reduce or cut their marketing budgets completely, your company has the ability to stand out by maintaining or increasing current marketing. Continuing your marketing while your competitors do not allows your business to stand out from the competition and weakens the image of the competitors. In addition to this, the competition for advertising space is significantly lowered, allowing you to stretch your marketing budgets further.

For larger brands, a down economy is the perfect time to get back to basics in terms of service offerings and build a campaign that focuses on a central idea that connects each marketing initiative of TV, web, and print. When it comes to smaller brands, a down economy gives you the opportunity to respond by growing your brand awareness with tremendous additional visibility. It also allows you to be more innovative in your messaging by following a more integrated approach to promoting your brand. While the concerns of the present day are always there, smart marketers know to keep one eye on the future with a strategic marketing plan.

Business owners and managers feel that if they are laying off staff, investing in marketing would be “bad optics”. This is the farthest thing from the truth. When under attack and your market share is eroding, now is the time to put up a marketing fight of your life to ensure you company survives. Companies that invest in their brand when things are less-than-ideal benefit exponentially when things are good, so a proper strategic marketing plan is crucial to navigating any rough times your business is wading through.

Handling a downturn is never easy, but if you follow these tips, it should be smooth sailing on the otherside:

Don’t let people or equipment sit idle. This is the time to reinvent yourself or pursue new target markets. Diversification is key for long-term success. If this is your game plan ensure your brand properly reflects what you do, why you do it and who you do it for. Your website will be key in telling your story.

People buy from people so keep customer relations strong through sales calls and lunch and learns. People who are usually very busy may now have the time to meet with you. Be sure to be prepared with a great presentation and leave behinds.

Use direct marketing tactics. Deploying e-blasts are highly effective and a cost effective way to keep your brand top of mind with your client base.

Invest in digital advertising. This allows you to reach your customers in a very targeted manner; plus you have a great level of control over your spend. And, you can see precisely the results of your campaign and the traffic it created.

Invest in ideas. Slower markets offer greater opportunities to focus on different segments or benefits, so invest in marketing that is new, creative, or targeted.

Pull ahead of your competition. If they are not investing in their marketing, they have left a gap for you to fill. Use this time as an opportunity to stress your position in comparison to your weaker rivals.

And most importantly, maintain your strategic marketing plan. A brand’s strength comes from its consistency, even when times are tough. Damaging your brand will only damage your bottom-line in the long run.

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Monday, March 18th, 2019 at 11:50am
We're so happy to work with incredible organizations such as @ChoirsRedDeer and it looks like the feeling is mutual. Thanks for the kind words!

Learn more about the brand we created for CRD! https://t.co/kQFDDd8ktZ https://t.co/P2bjUcSien
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Sunday, March 17th, 2019 at 7:00am
We hope you enjoy St.Patrick's Day today! Remember, be responsible! #thinklucky https://t.co/JEf2wmdTuG wj_agency photo
Thursday, March 14th, 2019 at 12:01pm
Senior Strategist Erin will be in Grande Prairie on March 19, 11:30AM for her Marketing for Non-Profits sesh.

https://t.co/W7jBdOhYN2 https://t.co/Q5O6dfuUqT
Wednesday, March 13th, 2019 at 2:25pm
Ryan's Roundup is coming to #YXE! Join us for a night of good times filled with drinks and networking at @HudsonsPub from 4-6PM on March 15th - let's start those St. Patrick's Day celebrations early! https://t.co/uDZRbDsld3 https://t.co/uKDjjVMw3s wj_agency photo
Monday, March 11th, 2019 at 1:16pm
March 19th at 11:30 am. #GrandePrairie, our Marketing for Non-Profits WJU session is coming to you! Learn how to make your non-profit stand up and stand out. https://t.co/W7jBdOhYN2

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William Joseph Communications

We are the difference between momentary achievement and enduring success.Your success requires an agency that offers a fully integrated solution. One that has the vision to see beyond your current borders and the troops to guide you there. With us as your allies, be confident that you can achieve your boldest ambitions. At William Joseph we offer complete marketing solutions composed of strategies, tactics, and designs that effectively tell your story and address your unique marketing goals. Everything from advertising campaigns to experiential design, our team takes your corporate identity and translates it through a wide array of mediums to successfully champion your company.
William Joseph Communications
William Joseph CommunicationsMonday, March 18th, 2019 at 2:23pm
We're so happy to work with incredible organizations such as Choirs Red Deer and it looks like the feeling is mutual. Thanks for the kind words!

Check out the link to learn more about the brand we created for CRD!

https://www.williamjoseph.com/clients/choirs-red-deer/
William Joseph Communications
William Joseph CommunicationsSunday, March 17th, 2019 at 10:00am
We hope you enjoy St.Patrick's Day today! Remember, be responsible! #thinklucky
William Joseph Communications
William Joseph CommunicationsFriday, March 15th, 2019 at 10:34pm
A big shout out to everyone that came out tonight to Ryan’s Roundup in Saskatoon. Let’s keep the spirit alive and do it again! Good folks make the world go round!
William Joseph Communications
William Joseph CommunicationsFriday, March 15th, 2019 at 10:33pm
Over a year ago our branding and marketing strategy work started for Excel Health. Tonight, all our hard work takes centre stage at the grand opening. Congrats to such a visionary group of individuals on building such an amazing clinic.
William Joseph Communications
William Joseph CommunicationsFriday, March 15th, 2019 at 3:09pm
We got into the St.Patrick’s Day spirit a couple days early at the office!

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