Marketing During The Recession

Marketing During The RecessionAdvice On Marketing During The Recession

The UK is facing a very severe recession currently and since 2008 things have not improved, if anything they have got worse.

Banks are reluctant to lend money as they are wanting to build capital and ensure ‘money in the bank’ so new businesses are looking at alternative sources for funding.

Businesses that are in the hard hit industries (house sales/rental, automotive companies, engineering companies, retail etc.) are facing the problems of less prospects.  

They are facing shrinking markets, overseas competition, lack of funding and increased running costs.  Marketing during the recession is the only option left.

What Can We Do?

It is generally known that he who shouts loudest is heard, and marketing is about spreading the message. Only through effective promotion can the UK survive the recession and grow.

Part of this is education, for decades the UK has been importing food, clothes, cars, electronics, toys at the cost of British jobs, and wonders why skilled labor miss out.

Part of this is effective marketing.  By communicating the right message to the right audience (scratching the itch) can businesses survive and grow.

Many companies during the recession cut back on things like training.  

However sales training during the credit crunch is very important.  If sales staff are not trained well, they will not work well.

Marketing Ideas

There are three ways of marketing during the recession.

  • Stop Marketing/Curb Marketing

This will bring short term savings, however the marketing wheels will gradually stop and competitors will take up the baton.

  • More Marketing

Any marketing company will advise this – as it means more £.

  • Smarter Marketing

By looking at different forms of marketing, savings can be made and efficiency increased.  Here are a few examples of adapting marketing campaigns to make them more targeted, more effective and cheaper:

  1. Swap Direct Mail For E-Marketing
  2. Swap SEO For PPC advertising
  3. Swap TV Advertising For PPC
  4. Swap Radio Advertising For Telemarketing

There are around 20 different kinds of marketing, choosing the wrong one can be a costly mistake.  In the same way that the right tool is needed for the right job.  

The right form of marketing is needed for a given solution. 

Many businesses waste hundreds of thousands of pounds using the wrong form of marketing and wonder why they are not getting the desired results.

Things To Take Away

  • Be Logical – think about your audience, who are you targeting and how will they respond?
  • Compare Quotes – all marketing tools come at different costs, consider the prices and shop around.
  • Choose A Marketing Company- all marketing agencies are different, shop around and compare quotes.
  • Do Not Be Led By Price – If the marketing works, then it is worth the investment, do not go with the cheap option.

All marketing companies are in business to make money, like any business they have their own interests at heart and during times of recession one needs to be selfish. 

By shopping around and scrutinising, you should be able to find the best marketing company at the best price able to deliver top results bringing in high profits.  

Marketing during the recession does not have to be a gamble.

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