Marketing To Your Customers In Challenging Times
Right now, it’s hard to think about the future. We’re living through uncertain times in our industry. Across the globe, businesses are forced to act now. Orders are being postponed and many events are being canceled. In-person events are one of the top priorities where marketers spend money. In 2019, 67% of aviation marketers leveraged industry events as a top marketing solution according to a recent B2B Marketing Trends Report by Informa. Whether it’s canceling or postponing events, or cutting budgets, it’s difficult to plan beyond the current climate.
Businesses want to save money, are fearful of declining revenue, and are cutting back in certain areas. If you’re in marketing, this means that you may feel pressured to stop all promotions, including advertising spend, now and in the immediate future. Will you “wait and see,” or will you take action now?
What is certain? This crisis will pass, the market will pick up and business will resume.
Our own Aviation Week Network editors said it best. In a recent article posted to AviationWeek.com, Editorial: Why Coronavirus Cannot Kill Aviation, “The coming days will be dark, but rest assured the industry will recover and once again prosper.” History tells us our industry is robust and resilient, and the actions you take now will help determine how your business fares, both now and into the next five years and beyond.
The saying, “When times are good you should advertise. When times are bad you must advertise” holds merit. According to Forbes, case studies point out the best strategy marketers can have during a recession is to maintain their advertising budget and change their ad messaging to adapt to the current situation and ensure long-term market growth for their brands.
The importance of keeping your brand alive
How can you keep your brand alive? By maintaining an advertising and marketing budget, even with modifications. Doing so will put your business ahead of your competitors who may have curbed their spending. What does this mean to you? Greater focus and attention on your messaging from your prospects and customers.
There is business risk to going completely dark, with the potential of losing current and future sales.
According to Forbes, “An increase in ‘share of voice’ typically leads to an increase in ‘share of market.’ An increase in market share results with an increase in profits.” Maintaining visibility in the market is key for long-term profitability and continued investment.
It’s tricky. What you say matters — your brand’s messaging and creative is important now. It’s about striking that balance of staying relevant without coming across as insensitive or capitalizing on a global crisis.