Building a Brand in Troubled Times
Although some of the stats are not looking too positive at the moment – with the decline of major financial markets and the general decrease in consumer confidence, this is a potentially exciting time to be a marketer. It may actually be the best time to build a brand…
As the cost of advertising becomes cheaper, clever marketers could see this as an opportunity to stand out and get more for their money, as well as conveying stability and providing reassurance to their customers. It is the time to be brave, since there is evidence to suggest that spending during a recession can actually deliver better ROI.
Here are some strategies you may want to consider:
- Reassess brand positioning and value
- Maintain consumer research – it is critical to identify how consumer behaviour may change during a recession
- Find new audiences
- Launch new ventures – as competition potentially becomes less intense, it may be a good time to launch a new initiative, test an idea or acquire a complementary business
- Leveraging cocooning and connection – it may be effective to focus your branding on positive family values
- Refocus product mix
- Harness humour – optimistic and positive tones are generally appreciated during tough times
- Offer greater choice – it is a good time to give consumers greater control and make them feel empowered
- Cut back in costly areas – it could be wise to cut back on high cost advertising and focus on cost-effective connection channels that still get your message out
Like a bridge over troubled water, your brand can help to provide hope and comfort during these tough times.
Read more here: https://www.trinityp3.com/2020/03/best-time-to-build-a-brand/