Only the Strong Survive Part 3: Brand consideration
Supply and demand, the simplest equation in the business world. You have something people want, you give it to them and they pay you. Done – what more do you need? Oh that’s right, you need to let them know that you have what they want – or that out of all the places that have what they want, you’re the best option.
Staying top of mind for your target audience is an ongoing marketing strategy known as brand consideration, are people considering your brand? No matter how you’re business or industry is currently tracking – brand consideration is integral. Marketing during a downturn may seem risky, putting money into something that you can’t tangibly use – but there really is no better time to ramp up a strategic, cost effective branding campaign. While everyone else is pulling back, your company will stand out as top of mind and when the industry picks up again – you’re already out on top.
Using cost effective measures, such as the social media platforms like LinkedIn or Facebook, really just need a well thought out approach and then your time in building and maintaining the momentum. Or explore new advertising channels that might not be frequently used by others, for example cinema advertising can be a bit of an outlay at the start – but if it’s the right medium for reaching your intended audience then you have them right there, captive and waiting to view your message before the movie starts up. Another great option, on a smaller scale and more personal level, you can create something very direct for your current clients to bring you back to the forefront of their mind.
When the market slows down and business gets quiet, this can be viewed as a negative – or it can be viewed as an opportunity to do something creative within your budget. Rather than removing your marketing budget altogether and letting yourself sink into the background or relying on just your current workload to stay the same, look for clever ways to get your brand out there in the face of the right people.