The U.S. has experienced economic ups and downs since our country’s inception, some more dramatic than others, but uncertainty about our economic future and its impact on the marketplace—and your business—is once again on the forefront of many peoples’ minds.
In uncertain economic times, there is a big temptation for businesses to put their long-term marketing strategy on a back shelf, and focus on short-term, “what can we do right now” ideas to generate sales with the lowest cost.
Strategically mapping out both digital and non-digital marketing channels for your 2017 marketing plan can ensure that you stay front and center of both your current clients and those all-important potential customers. Social media marketing should absolutely be included in your plan, as it can be an invaluable (and extremely cost-effective) instrument in your marketing toolkit.
RELATED: 3 STEPS TO MARKET SMARTER
Cutting long-term brand-building tactics because you’re nervous about the economy could result in, to use the old adage, “cutting off your nose to spite your face.” Consumers are seeking out the best companies, the best products and the best services in good economies as well as less-than-stellar economic times. That’s why it’s important to display your company as stable, reliable, enduring and trustworthy in good times and bad. Short-term “right now” sales promotions may generate one-time purchases, but steady, consistent brand-reinforcement visibility ensures long-term relationship building with your customers. Worse yet, statistics show that companies who choose to “go dark” with their marketing efforts in any given market for more than six months, then attempt to re-enter that market, can take up to two years to regain recognition.
Now is the time many companies are trying to figure out their marketing budgets and plans moving into 2017. Think of your long-term marketing strategy as your “long-term care” policy—something you are more than willing to invest in now with the understanding that it will take care of you down the road.