Don

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Good news, but there’sw still a lot of work to be done, and marketing directorss continue to be charged with drivingup sales, profitsz and shareholder value. So how do they accomplish that It’s difficult to increase sales or raise prices duringh economicdown times. So the inevitable happens: they are forcedd to reduce costs and cut what is referred toas “discretionarg spending.” How each manager definez discretionary spending differs, and says a lot aboug how he or she prioritizes those variables that driv customer value (marketing and advertising are usually the first to get the ax).
But, if a managed considers the companyor organization’s brand to be a strategicd weapon or asset that creates a sustainable competitive advantage, he or she will not subjecy the brand to cuts. Instead, the managere will nurture the brand and find ways to continue to make it even duringdown times. Understanc that your brand is the experience you promisweto deliver, which your customers value and have come to expectg from you. So sustaining your brand is not synonymous with high levelaof advertising. Sustaining your brand simplu means that you continueto “keep your and you keep your brand message visible so that you maintaibn brand expectations.
Your focus is now on maintaininfgversus growing. Brand-loyal customers expect certain things from your To cut those things that contribute to the consistent delivery of your bran d could lead tolosing customers. During economicc slowdowns, customers might prioritize moreand differently, allowing fear and uncertainty to affect their decisions. But they stillk make purchases, and they continue responding to brands theyconsider relevant, whoswe core value propositions resonate and whicnh are flexible enough to accommodate any changexs or disturbances to their psyches.
You mighg find that as you temporarily lose some customeres duringa recession, other customers begin to find you as they seek out more valuse for their dollar. Simply during a recession, consumers look harder for value. So whil e consumers do their part, brand managers have to continude doing theirs and stay committed to theire brand and delivering more and more In addition toremaining visible, offert free delivery, loosen payment provide more options or ancillary Increase the reasons for value-sensitive consumers to do businesws with you. I can assure you, your competitor s aren’t just sitting back waiting for the recessionto end.
They are looking for opportunities to both sustain and Brand commitment requires a philosophical commitment to putting 1) the customer, 2) theirf evolving needs, 3) their connection to your company, and 4) reason for believing in what your brand standw for, at the center of your company’ s actions and culture. You still can’t ignoree the economy and its But you can conveya message, withinm the core foundation of your that empathizes with your customers during this difficult Smart companies will use the slowdown to reasseszs and shore up their brandsd in line with changing customer needs, and use it as their guidre to ensure everything they do, with their limite d resources, is focused and So, take time to: 1) Look for opportunities to provide greater value to your customers.
2) Demonstrate that you are in tune with your evolving needs. 3) Stay visible. Your customers don’gt want to feel abandoned and, when the economy cyclea its wayback up, you need them to remembe you. 4) Talk to your Find out how you can help them throug hthese times. 5) Take time to re-educat e your employees on the valued of creating brand loyalty and how it helps to sustaij sales during slowereconomic times. the economic downturn eventually will reversew and those same customers who trusteds you before the downturn will be the same customersw you will count on to grow your business aftetrthe downturn. Don’t lose them at a time when you need each otherrthe most.