Σάββατο 21 Απριλίου 2012

Brand Building in the Face of Declining Economy: Here are Some Tips

In recession, people check their spending to save money for the other day. This has a direct impact on business organizations. Organizations find it difficult to maintain their growth and existing market share. All effort is directed towards minimizing the damage that recession can cause to business.
Brand building is possible even during an economic slowdown if an organization knows how to go about it. A new product line that offers value for money can work much better than imposing a cut in marketing spends. Businesses need to innovate to get valued by consumers as the brand which they cannot afford to compromise.

1. Emphasize on product value
Consumers are attracted to value for money products that give quality at affordable costs. Highlight the product features which could present it as an alternative worthy of the consumer’s money. When it comes to product quality, consumers are willing to pay a premium for an established brand because of the trust factor.
2. Introduce a new line of products
There are consumers who are likely to stick to their preferred brands even in times of recession but for some recession comes as a time to search for products that fit in the budget while doing reasonably well on quality standards. Make an effort to cash in on this phenomenon. Introduce a new product line that falls in this price segment. Make your presence felt in market segment within your reach to expand your customer base. Capitalize on the opportunities available for expansion even during the times of recession.
3. Do not jump onto the price cut bandwagon
Cutting prices beyond profit levels is not a sound strategy. After all, what will an organization do with sales volumes if these only generate losses? There are better ways for customer retention. Priority on quality in customer services gives the organization an upper hand in all circumstances.
Make your brand synonymous with excellence in customer care. Do not compromise on this even during an economic slowdown to reap rich dividends. Avoid a price war that reduces the value of your products as consumers are likely to resist paying higher later if you slash the prices during recession.
4. Streamline but do not slash advertising spends
Many organizations make the mistake of holding back their proposed marketing campaigns. The emphasis is to look for the right opportunity, perhaps when the economy is recovering. This is certainly a wrong approach. Marketing efforts are required more when things are not going well.
If everything is going great, marketing initiatives of an organization will have little to achieve. Focus on your strengths in your marketing campaign. Make people understand the value of your products and what makes these to stand out. If you go into hibernation seeking to emerge from oblivion, when the situation is better, you would have lost precious market share to your competitors.
5. Make customer engagement a priority
Engage with consumers on social media, through e-mail marketing campaigns and other initiatives. Keep them in the know about new product launches and their significance during the recessionary times. Make the consumers feel that the organization values its customers and believes in offering quality to them. Focus on your product as an apt solution to balance the cost requirements with quality.
Marketing initiatives and brand building efforts are meant to work by taking a long term approach. You can tweak your marketing initiatives during an economic downturn but abandoning the plans or putting them on hold is not an option.
Businesses need to survive even the in tough times while making an attempt to register a growth in market share.
There are several instances of organizations having emerged stronger from the effects of an economic slowdown. It is their marketing and brand building initiatives in the face of adversity that win over the consumers. Products thrive on giving hope to consumers. Organizations need to believe in the same when it comes to managing their brands.


Alia Haley
http://seodesk.org

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