By Leo Valiquette
There is no shortage of counsel that an economic rough patch is the time to ramp up, not reduce, a company’s investment in marketing and public relations. When potential customers are reconsidering or holding off on purchasing decisions, you need to be out there giving them a reason why they need to buy, and buy from you, now.
In the current environment, companies that are nimble and can adapt quickly will not only be the ones that survive, but will also be the ones that prosper as they take advantage of the confusion, fear and indecision of competitors standing on the sidelines wringing their hands as the same old way of doing things fails to yield the results it once did.
What needs to change is the message you are putting out. Everyone is feeling the pain of a recessionary economy. Our motto at inmedia has always been that it’s not about the technology, but about the business case for the technology. We always emphasize to our clients that their messaging must articulate how their product or service is the drill the customer needs to make that hole in the wall. (Or as the case may be, the patching compound that will make the hole go away.) Marketing and PR are crucial tools to convey how your product or service can address the most acute and top-of-mind pain points of your customers. They are also key to reaching and cultivating new markets.
Entrepreneur Magazine recently published a good article on where to avoid the temptation to drop the axe to cut costs. It featured a great perspective from Ann Handley, chief content officer at MarketingProfs. She emphasized the importance of marketing in a slump to maintain the volume of sales leads, and to adjust your messaging to reflect the current realities facing potential customers.
“If you sell washing machines, for example, and people don’t want to buy new models, you can stress how much they’ll save on maintenance and electricity with a more energy-efficient model,” she said.
Of course, adjusting your messaging and targeting new markets must make sense and hold the potential of a return greater than the investment. My catalyst for writing this post came from a radio ad I heard the other day from a company that is obviously thinking outside the box to reach a broader demographic of potential customers.
The ad came from retail pharmacy chain Jean Coutu and featured a fellow talking to his buddy about how busy he is taking care of the baby on paternity leave. His comment was along the lines of, “My wife does her part, but thank goodness for Jean Coutu.”
OK. Creative thinking on Jean Coutu’s part? Yes. An untapped market? Maybe. A big market worthy of the effort? Not so sure on that one, though I will concede it may catch the attention of a broader male demographic than just dads on pat leave. What’s important is that it demonstrates the kind of creative thinking that companies need to succeed in the current environment and the value of maintaining the marketing investment. (Consider this free plug I just gave Jean Coutu because I heard that ad and it resonated because I’m a father with a four-year-old.)
