It’s likely that the brands, tactics, and strategies you took into the recession are not going to be what you need to bring back customers as we recover.
Too much has happened. People have lost faith not only in Wall Street brands, but all corporate brands to an extent. They’ve also learned the value of savings, the high cost of credit, the sudden uncertainty of financial markets, their vulnerability to job loss. All these shifts affect buying behavior.
What also has changed, most likely, are your priorities as a manager or owner. Cash is king again. Inventory is death. True partnerships are golden. The price has to be right. Experimentation is necessary — but too many bad bets are draining. Flexibility trumps consistency.
So how does all this change how you reach your customers when the bear turns into a bull again?
Harvard Business School marketing professor John Quelch offers seven recommendations for marketers to plan ahead. His advice, writing on Harvard Business Publishing includes the following:
- Focus on high-potential customers.
- Don’t assume a return to normal.
- Assess your target customers’ trust in your brand.
- Stay focused on costs.
- Know your lead indicators.
- Develop scenarios.
- Don’t wait for permission.
Very Informative & up to date, thank you for sharing this.
So how do you reach your customers when the bear turns into a bull again and while the bear is still here? Social Media.
One out of 10 U.S. adults now publish blogs, up from just 5% a year ago. Among 18- to 34-year-olds, the rate is twice that, with one out of five publishing blogs, up from 10% a year ago. And who’s reading all this blog materials? Well, everyone!
Traditional media takes weeks to build brand awareness and months to build preference. The Internet can make your brand famous literally overnight because when an idea takes off, it can propel a brand or company to seemingly instant fame and fortune. For free!
Another advantage of Social Media as a marketing tool: It’s green.