“Let’s hold off for now.”
In an economy coping with high unemployment, low consumer confidence and a rollercoaster stock market, these words have become the mantra of many anxious marketers.
No question about it – caution is the natural self-preservation response in tough economic times. But playing the waiting game is increasingly a strategy that results in forfeiting untapped opportunities.
Think about it. As many companies continue to sit on the sidelines with a wait-and-see approach, you can jump into the void and gain visibility in a smaller field of active competitors. A sparser marketing landscape can give you a more uninterrupted path to your target audience, which can translate into a quick spike in sales.
It gets better. Along with the short-term bump, your willingness to market during a down economy can build your brand awareness in a way that inspires customers to form new buying habits and sustains your gain in market share even when the economy recovers.
The key to getting out of a holding pattern and making headway is to reevaluate your marketing budget. Digital and social marketing tools such as e-blasts, micro-sites, blogs, Google AdWords and search engine optimization techniques can present cost-effective channels of delivering your messages. Depending on your business, combining new media with traditional advertising tools like print, direct mail and broadcast can provide the biggest return on your marketing investment.
Whatever mix of media and dollars makes sense for you, it all comes down to combining technology and creativity to maximize your efforts and enhance the impact of your advertising.
For marketers who are tired of waiting for the ailing economy to bounce back, we have a saying here at AdServices: “Missing opportunities to win is no fun. Pulling victories out of the jaws of defeat is absolutely energizing.”