From Crisis To Opportunity: Add Market Share
In times of economic uncertainty, many companies instinctively tighten their budgets and reduce marketing efforts, creating an opportunity for proactive companies to capitalize on. Consistent marketing investment helps companies maintain market share and empowers them to capture new ground and fortify their position. A well-defined strategy is crucial for your company to navigate growth markets and economic downturns.
The SMART Approach to Marketing
At One Firefly, we have embraced the SMART Approach as a guiding principle for our success. This strategic framework highlights the importance of securing customer loyalty, maintaining brand awareness, adding market share, reinforcing the future, and transmitting strength to thrive amidst economic challenges. You can learn how using the SMART Approach positions your business to not only survive, but thrive, during growth markets and economic downturns in this editorial by One Firefly CEO, Ron Callis: Learn to Thrive By Marketing in a Recession.
The Importance of Adding Market Share
The “A” in the Smart Approach symbolizes the principle of adding market share. Adding market share refers to the strategic actions taken by a business to increase its portion or percentage of customers or sales. It involves actively expanding the customer base, gaining a larger share of customers' purchasing decisions, and outperforming competitors in market presence.
E-commerce Times says, “Sixty percent of brands that increased their media investment during the last recession saw ROI improvements. Brands that increased paid advertising also saw a 17% rise in incremental sales. By contrast, marketers who cut ad spending risk losing 15% of their revenue during a recession.”
Leveling up your branding and messaging during economic uncertainty is a savvy move that can set your business apart. While many companies hastily slash their marketing efforts, you can seize the advantage. There may also be a decrease in demand for advertising space or reduced competition in the advertising market. This can lead to lower advertising costs, making it more affordable for you to reach your target audience.
How One Firefly Practices SMART Marketing
This year at One Firefly, we're increasing our marketing efforts through expanded event participation, team growth, and enhanced engagement across platforms. We are the industry’s agency of choice for technology professionals searching for customized marketing solutions to drive goal attainment, budget optimization, and the sustainability of impactful marketing strategies.
Click here to learn more about One Firefly and explore the stories of success and innovation that have shaped our journey: onefirefly.com/case-studies
Contact our team if you’re ready to drive business growth with smarter marketing.
Germain, J. M. (2022, September 20). Marketing Advice in a Troubled Economy: Increase Spend or Lose Sales. E-Commerce Times. Retrieved May 18, 2023, from https://www.ecommercetimes.com/story/marketing-advice-in-a-troubled-economy-increase-spend-or-lose-sales-176927.html