Sustain your brand in recession:In current market scenario it is more important to sustain your brand than make profile or increase turn over. Most the organization try to save money and resources, working on cost cutting. How to sustain your offering or brand in this economic turmoil? Different marketing gimmicks organization using to attract and retain the customers. Almost organization cut their marketing budget. But it is not advisable to cut the marketing budget. But some organization sees it as opportunity to increase brand equity, Solidify your customer base, Gain new customers, Make inroads on your competitors who have cut their advertising during the recession period. One example, which is noted by Wall Street analysts, for instance, attributes the 1975 setbacks of Avon Products and Hershey Foods at least in part to advertising cuts, and credits heavier advertising for the improved performance of Philip Morris and Revlon during the same period, but the recession has little adverse impact on disposable income.
There are some of the things we can do to which not much effect the organizing expenses:
• Don’t decrease the price: it is not much affects the buyer and even it damages the brand image. So don’t decrease price but improve service or provide the value edition. Give service out of track which your competitor not provide and make experience of your customer memorable. If your customer happy at end of the day you also happy. It is the user experience which makes them to be with you or shift to competitor.
• Least costly and effective advertisement: find the least costly and more reachable media of advertising. As branding expert I suggest to go with social media to reach your target group. Don’t misinterpret it with social media advertisement. Create face book page and involve your TG with online contest, scheme etc.
- Use more BTL then ATL media. As BTL is cost effective and intense compare to ATL media and even you can reach specific your target segment and target region, it increase the reach of your communication.
- Keep your channel partner happy: it is your channel partner who helps you to puss your product, instead giving consumer scheme, give regular benefit to them if they earn then and then they support you better. Give more margins to them, keep them happy.
It is supported by research that Recognition decreases when advertising decreases. Likewise, an increase in advertising causes an increase in recognition. Recognition decreases when advertising decreases. Several studies on this topic have been conducted by McGraw-Hill's Laboratory of Advertising Performance. A typical example: A manufacturer of electronics boosted 32 percent market recognition to 45 percent with 13 pages of advertising. When the ad campaign stopped, recognition fell to 37 percent. Steady ad spending during recessions results in higher sales. it is on example I am sharing here. So no need to cut advertisement budget as it is not expenditure but the investment which is fruitful in long run.
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