Essential Advertising Strategies for Uncertain Times
In the ebb and flow of the business cycle, many businesses may find themselves tightening their pursestrings, facing supply chain challenges or experiencing increased competition. Success involves going against your instincts to adapt to profound changes in consumer behavior. Inversely, withdrawal from advertising strategies may cause your value to fade from consumers’ minds. In uncertain times, the steps ahead may seem unclear — as a digital strategy agency, Paradigm compiled a few words of wisdom for your marketing moving forward.
Your audience will always have strong feelings, especially in uncertain times. As a hopeful partner, you must strive to validate their feelings. It’s crucial to adopt advertising strategies that will showcase your most human aspects: authenticity and understanding. As you reconsider your marketing approach, we suggest altering your messaging strategy to address the challenges consumers encounter.
Authentic brands spark connection — nearly 88% of consumers say authenticity is important when deciding which brands they support. Your new content strategy should involve mirroring your audience’s shared experiences, projecting yourself as the solution and remaining transparent as times seem tough.
For example, some brands directly address supply chain issues on their website. They acknowledge the problem and outline the steps they’re taking to address it. Your messaging in uncertain times will redefine perceptions around your brand, taking you from just another business to a reliable partner. Working with a digital strategy agency may help you find an authentic messaging strategy that will resonate with your consumers.
Emphasize Your Value
Competition often thins in times of crisis, making it a perfect time to implement advertising strategies that cement loyalty and turn a profit. Establishing loyal relationships through value marketing translates into cost savings, as return customers tend to buy more from a trusted company over time.
For example, Bain & Company found a mere 5% increase in customer retention produces more than a 25% increase in profit. Businesses should lean into company values in their content to build trust with their existing audiences. Better yet, a reimagined value promise could invoke the emotion necessary to reenergize the feel of your brand and promote action.
Ask yourself: what benefits will your company provide its clients in a complex market? Many businesses surprise themselves upon reflection — they do not know how to answer “why.” We recommend circling back to your branding with a digital strategy agency at your side. Regardless of finances and consumer landscapes, your value should persist across all marketing channels involved in advertising strategies.
Reevaluate Your Priorities
We’ll admit that it’s a basic instinct to want to cut costs in uncertain times. However, research suggests cutting your marketing budget may be unwise. Stopping your efforts is akin to slamming the brakes on a car — it halts your progress and could cause disaster if done at the wrong time.
Firms with a proactive marketing approach achieve superior business performance, even during difficult financial times. Proactive marketing involves prioritizing your budget and utilizing it to create effective advertising strategies. We recommend working with a digital strategy agency to analyze your past data and analytics, using the metrics to guide your decisions.
You should funnel your funds into the channels that will provide the highest return on investment. For example, weekly e-blasts may drive more actionable visits to your site than a banner advertisement on an applicable website. A comprehensive analytics strategy would reveal where you should devote more time and attention. Ultimately, your share of voice in the marketplace increases if you maintain or increase your advertising budget.
Paradigm: Your Digital Strategy Agency
Advertising strategies must be continually revised as markets change. Successful marketing is not as simple as selecting a tactic and pushing it forward with an internal marketing team. One person may not have the expertise necessary to propel your brand to the top of your industry. In the face of uncertainty, you need flexible solutions that will set you apart from the crowd.
Getting a leg up on the competition means bolstering your resources. By partnering with a digital strategy agency, you’ll have access to diverse expertise in analytics, development, design and messaging strategy. Our knowledge will pull your business out of uncertain times and help you reach higher levels of return —contact Paradigm to navigate marketing in good and difficult times alike.