Marketing in a Down Economy, 5 Coping Strategies to Avoid Brand Marketing Mistakes

With the liberalization of epidemic control, the domestic economic trend in 2023 is bound to strengthen, but the damage done to the economy by the three years of the epidemic cannot be recovered and digested in a very short period of time. In addition, the continued downturn and recession in the international economic environment has also had an impact on the domestic economy. In this case, the enterprise learns how to use limited and effective marketing activities to maintain the long-term survival and prosperity of the brand, firm corporate strategic positioning is the business operator's top concern. RECOMMENDED: Building brand equity for startups is a core element of improving marketing mix and efficiency Under the pressure of the economic downturn, every business feels anxious to a greater or lesser extent, especially the company's brand marketers who are often highly focused on marketing activities under the heavy pressure of boosting their performance, and in order to alleviate the anxiety, it can lead to many of them making hasty marketing decisions, which are in contrast to the short-term and long-term health of their business Going against the grain. By observing the experience over the years, some of the common mistakes marketers make are summarized, along with more thoughtful alternatives that will enable brands to survive and prosper in the long term. I. Mistakes and Responses: Cutting Spending Instead of Reducing Many of you have heard of Amazon's marketing flywheel strategy. What this means for businesses is that cutting spending means a hard reset, the ultimate impact of which will far outweigh the time it takes to relaunch a campaign. Keeping campaigns that are delivering results online as much as possible will reduce the immediate impact of spending cuts; taking a closer look at opportunities in segments of the industry sector in which you work, particularly specific campaigns or more precise segments, will help businesses assess where performance is relatively poor and there is potential for cuts to be made. Mistake and response: Cutting without reference to historical performance In these particularly difficult times, companies should make decisions based on big data, not blindly, but with reference to past historical performance to cut budgets more wisely. For more established brands, there are fewer and fewer excuses for not delving deeper into a customer's historical performance, but it's happening more often than not. Of course, if you're a startup and don't have useful performance data on file, you can draw on similar businesses or recent data for insights. As a reminder, divide your allocated budget between short-term behavior and long-term effectiveness and lasting impact, and maintain a good strategic starting point for business-related products, services and marketing activities. Third, the mistake and response: cuts without paying attention to the CRM situation Recommendation: customer centricity, creating permanent value for customers profitability is the king of business development is not only during the recession, that is, in the normal economic environment, marketers in the absence of understanding the actual business impact of the situation only to react to the surface metrics, which will make blind marketing decisions and poor budget arrangements. In an era of generalized spending cuts, limiting the most valuable audiences, segments, or campaigns may achieve your near-term budget goals, but in the long run, it will reduce your revenue. The solution given now is to link marketing campaigns with CRM to drive lead generation and synchronize data. Fourth, the mistake and response: prematurely cut new marketing campaigns In today's era of dazzling marketing campaigns, business marketing campaigns need time and data to judge and optimize. There needs to be enough time to return results with meaningful metrics. Early data is not the full picture and should not be all the information a business needs to make decisions. The most operational approach is to rotate fresh ideas and information. Double-check all the common optimization options you would normally use and resist the urge to make cuts without knowing the true upper limit of your marketing campaign. V. Mistake and response: failing to see or ignoring the opportunity that existsThis scenario, while it may be the worst case scenario for many marketers, there is likely to be at least one competitor in the marketplace that is in worse shape, which means that you'll be vying for your competitor's market share. Instead of simply adopting a defensive posture, put all your energy into proactively prospecting for new customers and taking advantage of market expansion opportunities. Keep an eye on your cost position as you launch your marketing initiatives so that you can quickly identify and capitalize on any market weakness. Another thing to keep in mind is that marketing campaigns should be adapted to emerging trends and market changes, keeping a close eye on industry news and competitor dynamics to ensure that your campaigns are targeted to address customer pain points and fulfill customer needs. RECOMMENDED: Insight into the winds of the times and running your strengths to become a winner in life Business marketing campaigns are not just for the current recessionary times, but most importantly, businesses should implement their business marketing campaigns with the utmost effort to focus on the long term, which will help to prevent you from spending all of your time and money on purely survival tactics. Each of these mistakes mentioned above should always be avoided, not just during economic turmoil. The foundations of marketing excellence in business will all persist, and great marketers will rise again from the recession! 5 Proven Upsell Strategies to Increase Revenue from Existing Customers Failure is the Mother of Success, Learning from Startup Failures to Promote Healthy Growth Breaking through cognitive boundaries is the fundamental way for startups to survive to the death Catch these 4 emotional appeals from your customers to instantly realize your dreams of wealth! Core strategies to improve performance, how can companies create disruptive marketing campaigns?