In the marketing realm, the adage “out of sight, out of mind” is very applicable. Customers are more inclined to become less cognizant of a brand if exposure and coverage are reduced, and more likely to use alternative brands. Regardless of the economy, marketers will permanently harm their brand if they cut back on marketing.
When the markets have funds to spend again, they intrinsically gravitate toward brands that have been visible and alive during a recession, and have worked to keep their brand recall top of the mind.
Additionally, by continuing their marketing initiatives in the face of a recession, marketers send a message of fortitude, leadership, and strategic thinking to their audience—all qualities that customers value in these turbulent times.
As history has repeatedly demonstrated, recessions can present excellent opportunities for commercial growth for firms that maintain their marketing activity and budgets. Here are four of the main justifications for why marketers must maintain their marketing budgets if they hope to thrive beyond the economic crisis.
Marketers should consider outsourcing their marketing
The need for a more customized strategy and cross-media activity has grown as marketing has grown more sophisticated in recent years. It is becoming more challenging for accounting firms to acquire new clients due to the evolving, multidimensional, and diversified marketing strategies and actions.
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The huge resignation phenomenon and the economic slump may make it difficult for accounting firms to find and retain qualified marketing employees on staff. The answer is marketing outsourcing, and accounting businesses can now more than ever outsource their marketing tasks to talented teams and reputable marketing agencies.
Pay attention to value-based marketing
Loss of consumer confidence is the main effect of a recession on marketing. By strengthening their value-based marketing strategy, marketers can combat this. This refers to positioning their products in relation to the values they offer to their target market. This particular marketing strategy contrasts the feature-based selling and marketing that technology businesses frequently employ to promote their products.
By concentrating on the value that their product will create for the customer, the value-based strategy assists in easing the customers’ spending mindset.
Providing for customers is providing for the business
Everyone is affected by a downturn in the economy, so marketers must rely on them and recognize their value during this time. The success of accounting companies depends heavily on maintaining their clientele because much of their revenue comes from retainer-based services paid for by existing clients.
A loyal customer base is one of the greatest assets during a recession; serving existing clients can return five to 25 times more revenue with a lot less work and expense than finding new ones.
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Regular communication deepens relationships with clients as they experience their sincere concern and interest. Additionally, there are advantages to keeping up marketing to the current customers in tough times. First and foremost, accounting firms must maintain clients’ confidence in their capacity to fulfill their needs. If the organization is seen as unsafe, projecting insecurities, or unprepared, this will not happen.
Second, since the majority of new clients for accounting firms originate from referrals, marketers want to inspire confidence in their current clients so that they will keep referring new customers to them.
Rely on reliable branding
Without a doubt, in the time of a recession, more work needs to be done. However, since there is less “marketing noise” for their marketing message to have to cut through in the case of marketing, marketers may not actually need to exert as much effort.
Marketers must maintain engagement with their audience while being consistent with their branding. For this, creating a monthly marketing strategy plan that may include any combination of PR content, blog posts, newsletters, emails, and ads is crucial.
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