How second-tier brands can instill confidence even as the recession takes down industry leaders.
In times like these, it’s difficult to give marketing advice to any brand, in any industry. And that task becomes even more difficult when we’re talking about brands that are not the established leaders in their markets. After all, in a recession that is battering even the industry frontrunners, second-tier brands are especially vulnerable and need to think particularly hard about how keep customers.
Still, there are specific marketing strategies that second-tier brands need to consider as they try to stay upright amid the economic turbulence.
Obviously, one of the first priorities is to make sure that your brand is already as strong as possible. You should have a clear idea of who your customers are, how they perceive you and why they pay for your service or product. A deep understanding of how consumers view your brand allows you to develop approaches that emphasize what’s good about those perceptions.
So if you haven’t already, determine precisely what your brand represents in the mind of the consumer. Surveys, newsletters, dimensional mail, even the outside of envelopes — all offer an opportunity to initiate conversations with your customers about their perceptions of your brand and its value.
These days, you want to speak specifically to those with a need for or interest in your product or service. Use tools such as variable-data printing, social networking outlets and personalized URLs to keep messages personal and relevant. Doing so lets you emphasize what makes you different — and differentiation is vital to brands fighting to overtake an established competitor.
Finally, as unpleasant as it is to consider, you also need to make adjustments to new economic realities. Key to this adjustment is preparing for the likelihood of smaller returns, no matter how much you work to keep consumers.
This may mean developing more cost-effective campaigns, investing more in measuring your efforts and figuring out better ways to deliver your messaging (such as allowing your coupons, letters, etc., to share envelope space with another brand’s outgoing marketing offers).
But, above all, don’t stop communicating with your customers. If you stop marketing, you’re pretty much telling your customers that you have nothing to say to them and nothing to offer.
I know maintaining or upping your marketing spend may be easier said than done, especially for companies that don’t have the comfort of knowing they are already out front in the race for revenue. I know too that the recession has beaten down some good brands and some great marketers, leaving them afraid to aggressively pursue some of the ideas I mention.
If there’s any silver lining for marketers in this economic mess, it’s that the recession gives brands an opportunity to refocus and rediscover what made them successful in the first place. Businesses are getting back to the messages that made them strong at the start.
If you’re a second-tier brand, you may have to work harder, but you know you’ve got plenty of market share to capture.
Strong brands, even when they aren’t the biggest, can often survive a recession, maintain their marketing messages and keep a focused eye on the companies above them. Do these well, and your brand may soon be enjoying the view from the top.
Laura Ries is the co-founder of Ries & Ries, and the author of numerous books, including War in the Boardroom (2009).
Brand Marketing, Large Business, Medium Business, Opinion, Recession Marketing
