During tough economic times, businesses face increased competition, and consumer spending may decrease. In such circumstances, maintaining brand awareness becomes even more crucial. Customers want to buy from brands they know, respect, and trust. By staying active in your marketing efforts and consistently messaging your brand's value, you can ensure that your business remains top of mind for customers and prospects.
The SMART Approach to Marketing
This is part of what we at One Firefly propose as the SMART Approach, a strategic framework for businesses to navigate growth markets and economic downturns. It emphasizes the importance of marketing and highlights specific actions businesses can take to secure long-term success. Learn more about using the SMART Approach to navigate both 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 Maintaining Brand Awareness
The “M” in the SMART Approach represents the principle of maintaining brand awareness. It involves consistently delivering your brand's messaging across various marketing channels, such as digital advertising, social media, email marketing, content creation, and public relations. Being present and visible increases the likelihood that customers will remember your brand when they're ready to purchase.
Furthermore, maintaining brand awareness helps to build trust and credibility with your target audience. When customers regularly see your brand's messaging and recognize your presence in the market, it creates a sense of familiarity and reliability. This can give your brand a competitive advantage over competitors who may reduce or stop their marketing efforts during economic downturns.
According to a research study conducted by McGraw-Hill, companies that advertised during the 1981-1982 recession saw 256% higher sales than those that did not when the economy returned to growth. Amidst an economic downturn, advertising is a necessary action that brands should undertake to remain memorable and relevant to their audience.
A comprehensive brand awareness strategy includes engaging with your audience and building relationships. This can involve responding to customer inquiries, participating in industry events, hosting webinars or workshops, and actively engaging on social media platforms.
How One Firefly Practices SMART Marketing
At One Firefly, we have decided to intensify our marketing investment this year in the spirit of continuous growth and adaptability. Our commitment is evident through various initiatives: we are expanding our presence by actively participating in more in-person industry events, growing our internal marketing team, and amplifying our engagement across multiple platforms.
Let us help you develop customized marketing solutions to drive goal attainment, budget optimization, and sustainable, impactful marketing strategies to meet your short and long-term goals.
Click here to learn more about One Firefly and explore the stories of success and innovation that have shaped our journey: https://onefirefly.com/case-studies
Contact our team if you’re ready to drive business growth with smarter marketing.
References
Knowledge at Wharton Staff. (2008, November 26). When the Going Gets Tough, the Tough Don't Skimp on Their Ad Budgets. Knowledge at Wharton. Retrieved May 15, 2023, from https://knowledge.wharton.upenn.edu/podcast/knowledge-at-wharton-podcast/when-the-going-gets-tough-the-tough-dont-skimp-on-their-ad-budgets/