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Marketing your way out of low growth
At the end of last year the UK economy tipped into recession, and while there is hope that we might already be through the worst, there is still deep uncertainty in all sectors of the economy. However, our MD and founder Andrew Scott, argues that now is not the time to cut marketing spend. In fact, he says, it’s quite the opposite. Read on for more.
UK economy overview
Although most UK businesses were expecting it, the news that the British economy went into recession during the last quarter of 2023 was still most unwelcome. And even if the Bank of England and fellow economists predict that this slump will be short (and in fact, we may already be out of it) the ‘R’ word still has the power to spook even the most robust of companies.
It isn’t hard to recall the months and years of devastation that the banking crisis and subsequent recession of 2008 inflicted on businesses and individuals across the globe, and in many ways we’re still living with those effects. So when we’re hit with unpredictable events, such as the pandemic and the war in Ukraine, we all get a taste of the resulting jitters that economies must face in their wake.
Marketing is an investment not a business cost
Thankfully, recessions don’t last forever but to be fighting fit when better times do arrive, firms should do what they can to ensure they remain as visible as possible. At Purplex, we strongly believe that marketing should be considered as an investment rather than a business cost. Companies should always budget accordingly to make sure there’s enough money in the pot to successfully keep themselves ahead of their competitors.
Fundamentally, marketing plays a vital role in brand visibility and customer engagement and demonstrates a high degree of resilience in the face of adversity. Striving for growth, even in a recession, is not a case of unrealistic positive thinking. In fact, it’s a sensible way to plan for and create future opportunities, and good, consistent marketing is a cornerstone of any post-recession recovery plan – or should be.
Experienced UK full-service marketing agency
As a full-service marketing agency one of our key messages is that we’re always here when you need us. Twenty years of experience have taught us that strategically adapting marketing to particular situations is the best way of navigating challenge while maintaining visibility and customer engagement. Below are just three of the marketing strategies we know are particularly useful in tough times:
1: Grow your online presence
Your brand can be accessed anywhere by anyone so make sure you’re engaging your customers by optimising a range of digital marketing techniques including social media, search engine optimisation and pay-per-click advertising.
2: Keep your existing clients warm
In a downturn it’s tempting to chase new business wherever you find it. Instead, focus on your existing customers, ensuring their loyalty by giving them consistently excellent service.
3: Emphasise value in your services
When your clients are looking for savings, make sure they’re aware that you’re offering them the absolute best value for money, pivoting your marketing messages to resonate with their requirements.
Brand positioning is key
We know from research and experience that companies which continue to take their marketing seriously during periods of slow growth recover faster when the economy improves. Keeping your brand in front of customers sends a message of stability, strength and connectivity. Downturns, recessions and slumps affects firms both large and small, and over the past few years we’ve seen some spectacular falls from grace by companies we all thought would last forever. Yet in all cases it’s the companies who are most agile that tend to weather the storms.
Over the years we’ve supported hundreds of companies within the fenestration industry to maintain and pivot their marketing activity accordingly to successfully push on to a brighter future. Choose to work with Purplex as your marketing partner of choice and our team of experts will work as an extension of your business. We’ll create a robust and tailored marketing strategy designed to raise your business’ profile to generate leads and real results.
To find out more about how our team of specialists can support your company to continue to thrive and survive during difficult times, get in touch today.
This entry was posted in Marketing Strategy
