Is your current business marketing strategy addressing the opportunities that exist even in the current economic downturn? When was the last time you reviewed your business objectives to insure they are aligned with the current market conditions? The economic impact of the current global recession has consumers curtailing their spending in many areas therefore this dictates a change in our own marketing direction.
Although consumers may be spending less money it is still being spent. It is up to marketers to make the necessary adjustments to determine what consumer are buying and why. Obviously a shift in priorities is at the root of this and this change needs to be identified and addressed. If done properly a more effective and appropriate marketing message can be developed to address the change.
Here are 3 key areas in which attention must be focused to make the changes necessary in order to capitalize on the current economic environment.
Get Inside Customers Head
Are you even marketing the right type of goods or services? We are dealing with more of a ‘scarcity’ mindset than an ‘abundance’ mentality and this changes everything!
Current conditions have undoubtedly altered the thinking and priorities of today’s consumers. Re-examine profiles insofar as the needs, desires and problems customer wants to solve.
Priorities have changed, sometimes dramatically for many and as a result there has been a shift in the mindset of the consumer. What may have appealed to them formerly is likely no longer the case.
Reexamine Your Direction
What are you marketing and to whom? Could it be that your market has shrunk while another market has bloomed without you ‘really’ paying attention?
Is your current approach applicable in today’s market conditions? Does what you have to offer or the way it is presented to the consumer match up well with their current needs?
Your evaluation of the consumer’s current mindset will help you identify the necessary steps you need to take to better redirect your promotional efforts. The crowds are still out there they are just going elsewhere and not spending as much.
Implement Promotional Push
Get out in front of the public and/or consumer and get yourself noticed and don’t wait for them to find you. Now is not the time to decrease your marketing efforts but rather redirect them in accordance with the ‘swing’ in the market demand.
Find out where the traffic is and target your efforts in this direction.
Social network marketing is likely the most applicable avenue to take in a down economy since people feel stronger need to ‘connect’ and network out. It also gives the customer a better chance to become familiar with marketers thereby boosting their confidence level in a time where their sense financial security has been shaken.
Your business marketing strategy requires periodic updating in order to adjust to ever changing market conditions. Now more then ever the current global economic downturn dictates a review of your current business objectives and marketing direction. The economic environment we face today necessitates a change to better reflect the current consumer mindset. Although the economic impact of the global recession has changed spending habits purchases are being made nonetheless. It is up to marketers to identify this shift in both consumer spending and their priorities to reflect a more appropriate marketing message. If done correctly the marketing community as a whole will better address consumer needs while maintaining their own profitability.