A sharp downturn in the economy has led to a recession, and businesses instinctively seek to cut costs to attempt to stay operational until the recession is over. It is at these times that some business owners think that mitigating financial loss should involve cutting their marketing budget. By all accounts this is not as wise of a decision as it may initially seem. In fact, during a recession is when service providers like HVAC companies, Plumbing companies, lawn care companies and roofing companies, need to keep marketing. The following are a few reasons why you will need to keep your marketing efforts strong in a long term, struggling economy.
Taking the Spotlight
Advertising is your company’s opportunity to grab the attention of your local or national market. It doesn’t matter if you do plumbing marketing, HVAC marketing, lawn care marketing or roofing marketing. Whatever business you are in, you must not allow a recession to take the spotlight off your company and its greatness in the marketplace. In a recession, people are looking to businesses like yours for hope and answers to their economic woes. This is where solid marketing strategies can really bring customers through your door on a consistent basis.
If the consumers you serve are pinching their pennies because of a recession, then it is time to market in ways that makes them an offer they simply cannot refuse. This could involve your plumbing marketing strategy pushing a huge discount for first time customers. Or, maybe if they purchase one service package, they will be given other services for free as a way of compelling consumers to spend money with your business to improve sales while the economy is in a slump.
Loyalty and Branding
Another key reason to focus on marketing during a recession is that you want to encourage customer loyalty and brand your products and services. Your hvac marketing campaign might want to focus on showing long term customers that the relationship they have with your company is truly appreciated. Sometimes this means all you need to do is simply touch base with these customers with a phone call, a text or some kind of invitation to encourage communications with your sales reps. Even in a recession, this type of marketing strategy can get the conversation started and helps loyal clients see that now is the perfect time to have their hvac system serviced and cleaned.
One of the strongest forms of effective marketing is to make an effort to build strong relationships with new and old customers alike. Try to understand that a sluggish economy has an impact on your customers as much as it has on your business. Sending out email reminders or mass mailing advertisements that convey that you are always there to meet the needs of customers in these hard-economic times goes a long way towards building trust and loyalty in customers with which you are trying to develop long standing relationships. This will inevitably translate into more sales down the road as these customers let others know how well they are being treated and supported as a result of your company’s thoughtful marketing efforts.
Reaching a New Demographic
Since sales typically go sluggish during a recession, seeking to reach a new demographic with your lawn care marketing campaign might be just the ticket for drumming up more work. This can involve changing the style and approach of your ad copy; however, targeting a demographic you have not reached out to before can be a huge game changer despite the economy trending downward for months at a time. In addition, it is an excellent way to prove to yourself that your company has what it takes to adapt and survive even when things are not going so well in the economy.
Staying on Top
It is a simple rule of business that consumers tend to put their confidence into companies that they perceive to be the top competitor in a given industry or market. This is why your roofing marketing strategy should not be to stop advertising during a recession. Losing your edge to a competitor in this kind of economic climate can make it way harder to regain ground later even when the economy has recovered. It can also cost you huge in lost sales as a consequence of falling behind in the public eye to another competitor. Try to think of advertising and marketing as essential to the long-term survival of your business and maintaining the edge over other companies in your industry despite what the economy is doing.