There is no denying the fact that the recession effect is still on. The marketing communication industry is actually feeling the effect as budgets are now low to go round. Expenditure on frivolity is now reduced to zero. The market indicators are clear to every one and it will take long term strategy to remain relevant without engaging in a short time maneuvers that will permanently hurt the brand. It is now clear that the conclusion we can draw is that brand must embrace definitive and integrate all workable strategies to remain afloat, visible to the necessary audience despite low budget. Consistently manage relationship with audience whether they are buying from you or not today will go a long way in keeping your brand in their hearts. It is also good to occasionally supply necessary information that can help them out. Today let me help out with what I think can help your brand to remain relevant during and after the recession and if you like you may say factors that can help recession-proof your brand.
1. Hone your differentiation: it is becoming a hard job to actually own a place now as others are jumping around to survive and are by the way polluting every differentiation stream. You need to work as hard as you can to let the target see what you are good at in terms of your expertise and how you offer your services differently.
2. Do a ‘collabo’ or partnership: if it is possible, think of partnership that can enhance your visibility and strengthen position in the market. You may need to carefully assess the route before you enter into it as some may mar your brand. The damage may take years to erase. So watch closely the other brand’s value whether it will tally with yours before any partnership
3. Be a resource brand: Every brand that is at the top of the industry has relevant, current information about the industry that is not just confined to local news but seasoned with international flavor.
4. Share the knowledge: help your clients out with valuable knowledge that can help them out of their present challenges without charges.
5. Forget totalitarianism: we are now in the age of brand democratization. If your brand will still continue to be a despot, dictator to its audience, it will not be around for long. We are now in the age of dialogue and conversation and there is now way your brand will have all the answers, ideas that will work. Remember that everyone, brand that remains relevant since last century is always looking around for what works and not what used to work. Take initiative, be willing to change, embrace innovation
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