Branding, Marketing and the Economy

This last week I read a comment from Warren Buffet; he said that the country is in a recession due to the slow down in retail spending. Most clients ask us during these uncertain economic times whether they should halt their branding efforts and marketing activities. I know what you would expect me to say, and you’re right - “No way!” Now let me explain why.

Companies, bosses and employees all must be making money to continue the payment of bills, mortgage, rent, and payroll, while still filling up the gas tank and putting food on the table. These people must continue to market and sell in order to make money.

During these challenging economic times, companies are fighting for every dollar available, and if you aren’t in front of your targets, someone else will be.

Statistics say that it normally takes 7 – 12 touches for someone to get familiar with you and your brand.

Depending on your sales cycle and how long it takes to close a sale, can you afford to slow down or halt marketing efforts? Do you expect to resume marketing and sales efforts after the recession has cleared and achieve the same desired results?

When companies decide to make purchasing decisions they usually have short memories and turn to those companies that have been in touch with them recently. This means you have to stay in front of your target prospects consistently, and when the time is right you are at the fore front of there mind.
With current societal changes, the competition is fierce. There is no better time to look at the competitive landscape and figure out how you can separate your company from the herd, and tell your target markets why you are the best.

During tough economic times many companies will struggle and lack proactive marketing and/or sales efforts. If you and your company improve branding, marketing and sales efforts, you can pick up the buying customers and even market share.

The second part of what Warren Buffet said this past week is that he was very confident his kids were going to live a more comfortable life than he, and that the current economic conditions were only temporary. Things will get better. Now is the time and opportunity for your company to take advantage and excel. There is no better time to be proactively branding and marketing your company.

Written by Michael Doyle, President of Brand Iron