Keeping it Going: Marketing in a Down Economy
In case you've haven't notice, we simply cannot get away from discussions about the economy and the toll it is taking on everyone's work, life and future. I recently spoke to a group of communicators in Washington, D.C. about how to keep their PR and marketing strategies going in this economic climate. It has caused many of us to re-evaluate our strategy as well as our budget. In fact, according to the Association of National Advertisers, 53 percent of those working in public relations, marketing or advertising, expected their budgets to be cut. Of that number 27% thought their budgets would be cut by 11-20 %, at least.
It seems that traditional advertising budgets would be slashed by as much as 59%. While on the other hand, online marketing would increase by 63%. If your organization is faced with making cuts in the marketing budget, what can you do to help keep your brand top of mind?
First, Get Back to the Basics:
Conduct a SWOT Analysis of your organization. Analyze your organizations Strengths, Weaknesses, Opportunities and Threats. Identify again what your mission is and are you being true to it. Don't try to be all things to all people. In addition be choosy about where you spend the little advertising dollars you have. Negotiate with your ad representatives for a better price.
Second, Engage Your Customers or Constituency:
Examine which customers are loyal supporters and communicate with them. It is imperative that you keep the lines of communication open between you and your supporters. Shift from acquisition to retention in your thinking. When all is said and done, your loyal constituents will be there. Maintaining and cultivating relationships are key to weathering this economic storm. On another note, you also need to cultivate your relationships with the media.
Third, Stay Above 30,000 feet:
View the economic downturn from above. Try not to panic. Be upfront, be honest, be smart and innovative in your marketing strategy and with all of your constituents. Transparency is not just a word, it's a way of life in today's marketplace- for a very good reason. The climate for better or worse is forcing people to connect or re-connect with their constituency on a personal level. Your organizational tone needs to relate what your customers are going through in their life. You need to become human with your marketing. Take for example the Hyundai Assurance Program. Hyundai took a risk which has turned out to be a very good one. You've heard their ad, the Hyundai Assurance Program offers customers an opportunity to give their car back after a year if they lose their job, can't find a job or make payments with no obligation or penalty. This program has increased Hyundai's sales by 14.3% since it began. Hyundai made a connection to customers that has paid off for them. Their program is innovative and creative. It has set them apart from other automobile manufacturers.
Fourth, Go Social Online:
Linkedin, Facebook, Twitter, blogs, e-mail marketing and online advertising are all cheaper ways to go with your marketing strategy. If you're hesitant about taking it online, then I will give you this food-for-thought: The Obama for America Campaign In a recent case study outlined on Marketing Profs (an online marketing resource), it was concluded that President Obama's digital media strategy, turned ordinary citizens into campaign evangelists to win the election. Jalali Hartman of Yovia.com was quoted in the case study about the campaign's marketing strategy. He said The Obama campaign did naturally what every good marketer should do in this new economy. Rather than focusing on acquisition, as most marketers tend to do, the campaign had a three-pronged approach: acquisition, activation, advocacy. He goes on to conclude: The campaign was not successful because it got a lot of people out to vote. It was successful because it got a lot of people out getting others to vote. The campaign was less about policy and more about 'Hope and Change' - terms people interpreted in their own personal way. As I said before, the Obama campaign got on a personal level with people and related to what they were feeling and going through.
To summarize, you need a good PR person getting out there talking about you and your brand in order to keep your organization in the minds of others. If you don't have a PR person, then do it yourself.
- Re-examine who you are. Conduct a SWOT analysis
- Make the necessary changes to improve your organization
- Continue to build your relationships with your constituents
- Buy advertising strategically, negotiate
- Make PR opportunities happen
- Tell your story and tell it everyday
- Become an expert in your field for the media
- Go Social, Linkedin, Facebook, Twitter, Blogs, E-mail marketing
- Update your Web site
- Be transparent
If you can, look at this downturn in the economy as an opportunity. Hang in there! You can weather this storm!
In the middle of every difficulty lies opportunity~Albert Einstein
Posted by Kara's Blog at 3/14/2009 6:29 PM 
Categories: Public Relations,Marketing
Tags: Public Relations Media Relations Marketing Economy Social Media
Categories: Public Relations,Marketing
Tags: Public Relations Media Relations Marketing Economy Social Media
Comments