Companies very often judge Marketing investments as being costly. The issue when stopping Marketing investment during a crisis is like using a break when a car drives up a hill. Your Brand will disappear faster, people will think you are in bad shape and you won’t be part of the preferred brand when the economy will grow again.
Why should you communicate during a crisis?
- Because others reduce their investments, suppliers tend to reduce their prices --> you’ll get a much better return on investment.
- While the noise of crazy communication has come down, you are still here and therefore much more visible.
- Being visible also means “I’m wealthy”, which means: trust and reassurance.
- You need to sustain your sales with more qualitative arguments than just the price.
How should you communicate during a crisis?
As sales reduction reaches everybody, one has to think twice on how to optimize investments!
- Focus on the most responsive people/target groups in order to optimize investments. The ECS-Midas Target might help you define this “ideal” target: people willing to buy your brand, but also people who are motivated by values corresponding to your brand core values
- Leverage the values that will motivate your “ideal” target to buy. It’s not the values that most people attribute to your brand, but it’s the values that help you differentiate your brand from the competition on elements that are important for your “ideal” target.(The ECS-Midas Brand Image will deliver you this hierarchy of motivations to buy among your ideal target
- Select the most adequate media support. Don’t be attracted by discount on media that could eventually not reach your target.
- Go for short or medium term effect on sales. But don’t stay outside the market!
