Marketing out of a down market requires a measured approach that balances a demonstrated understanding of the current situation with hopeful optimism. Messages of safety and security are likely to resonate with clients at this time.
Following are three key aspects of marketing out of a downturn:
Develop An Understanding:
As with any successful marketing campaign, it’s important to begin with a thorough understanding of clients’ new reality. An economic downturn results in a changed consumer mood. Seek to discern what clients need right now and how those needs are likely to change as the recession eases.
Focus on Home and Family:
Economic upheaval tends to cause people to retreat to where they feel most comfortable. The coronavirus has cemented that in many locations, as people have been ordered to stay home. While much has been made of the challenges of working remotely or being cooped up with family 24/7, the truth is that many people find a sense of security in the comforts of hearth and home. When designing marketing campaigns, incorporate images of home and family to convey safety, security, and dependability.
Emphasize Core Values and Familiarity:
When a recession hits, organizations often panic and alter their brand’s fundamental proposition. This only serves to confuse and alienate clients, who are craving a sense of normalcy and familiarity in these tumultuous times. Now more than ever, clients need to know the institution they know and trust will be there for them. So avoid the temptation to blow up your brand. Instead, emphasize your core values and remind clients that you’ve weathered tough times before – together. Granted, people are always seeking assurances of security from financial institutions, but in these days of unprecedented uncertainty, such messages carry more weight than in ordinary times. Once the crisis passes and the economy begins to recover, that need for a sense of security is likely to linger for a long time.