Every once in awhile there is a solid economic crash. It is then that huge brands disappear from the radar, and others come in to change the game.
You all remember the huge global crash from 2008. That is almost 10 years ago! Be prepared, as a new crash could arise anytime.
Here are 5 tips for your brand to cope with this meltdown.
1. Be your own medium
As a marketing or brand manager you know very well that during an econimic crisis, the first budget to be cut, is your marketing budget. You will need to cancel that huge billboard advertisement, or the 30 seconds TV clip. That is why we recommend to build your own media. YouTube, Twitter, Facebook, Instagram, Linkedin, SnapChat, théy are the new CNN, BBC, TF1, VTM and NOS. Adapt your content to every channel and be personal. Tell something. As if you would tell it to your mother.
2. Create an audience
Be present on every social platform. Tell a relevant story during the next years, and build your own audience. So, when your boss cuts down your marketing budget, you can still continue to communicate on these channels you own as a brand.
3. Create a deep relationship with your clients
You have a great product? Your brand rocks? Ok, fine. But know that your customer will leave you as soon as a new sexy player is coming with a new story.
You will need to go beyond unilateral marketing. Create a relationship by opening the dialogue with your clients. Ask them questions. Be personal. Invite them to a small and well developed personal event. And tàlk to them. Lìsten to them. They will become your brand ambassadors who will not leave you when another pretty brand is trying to seduce them. Even if you are a brand with 100.000 clients, you can still make this relationship very personal. Be creative and thìnk of how you can make the relationship with your clients stronger.
4. Have some influencers in your team
Every business has its influencers. People who influence how others think. They influence how your clients and prospects think about your market, your competitors and also about... you. This is the classic word-of-mouth strategy. But make sure to take this to the year 2017. Use your own media...
Take some time to map who these people are. Call them, mail them and hustle. Meet them and give them some value. Do not ask for them to help you. Give them information, feed them with valuable content, they will become your greatest fans. Once they are in your team, continue to maintain this crucial relationship.
5. Open your eyes
Open your eyes and look to the world. It is changing. Especially during a crash. Look what others do. Are there new players? New players crashing other brands in other markets? How do they grab market share quickly now? Find out who they are and how they do it; and adapt to your business.
A great exercice could be to take your management to a seminar weekend. Right now. Ask them what new invention could break your brand and your business. Ask them to develop that new invention. And apply this to your brand. That is how you will always be ahead of competition. Let me give you an example. Hilton should have invented and launched AirBNB, right?
So, now you are prepared for the next huge crash. See it as an opportunity to grow. And be positive!
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