- When Crisis Comes, Don't Stop Communicating

This is a challenging time to stay afloat because of health concerns, global uncertainty and financial impact.

During the Covid-19 pandemic, many companies are cutting marketing and communication budgets to save costs. But if you want to avoid turnover collapse, this can be the best time to keep communicating.

Why continue to invest in communication in a time of crisis?
First of all, because in no time the world we used to know has been turned upside down but people want to keep the fixed points if their lives that are important to them. Your business may be one of those ones. So, if you haven’t already started a communication plan for your clients and other interested parties, and you got the chance to do so, you should.

Secondly, halting the investments in advertising because of economic crisis can lead to a major risk that can require up to many years for companies to recover from, all while experiencing a remarkable loss of profit.

Don’t go dark or you will regret it at great length. When marketers decrease their advertising spending, the brand loses its “share of mind” with consumers, with the potential of losing current – and possibly future – sales. An increase in “share of voice” typically leads to in an increase in “share of market.” An increase in market share leads to an increase in profits.

Acquiring that share of voice will cost brands less during a recession because most probably their competitors are going to reduce their spend.  

 

Lastly, as overwhelming and destructive as this crisis is, it won’t continue forever. Normality will resume and we would expect a sharp return to confidence. 

We are not dealing with a fundamental economic problem, we’re dealing with a virus with an economic impact. And when the dust settles, it will have made a difference to your clients and employees that you kept engaging with them. The economy and people will bounce back and brands can project to consumers the image of corporate stability during challenging times. 

This kind of brand loyalty can help your business get back up and running faster when all this is over.

Citing a popular expression: “When times are good you should advertise. When times are bad you must advertise.”

How to continue to communicate?
There is no need to completely abandon an existing brand campaign (unless it’s wildly inappropriate, of course) and certainly no need for all advertising to be deadly serious and somber. People want people who can bring them messages of hope and enthusiasm and encouragement, done in a sensitive way.

Carry on communicating and remember to keep creating positive and engaging content that leaves a worthwhile lasting impression on your audience. 

For example, advertisement about humanity and community are performing better than those that focus on self, self-image and performance.

Another strategy used by marketers is slightly modifying the advertising message using short-term price incentives to match the economic climate with consumers who are seeking a good deal. For example, offering interest-free loans, coupons or special promotions to boost sales and market share. When the economy bounces back, regular pricing can return.

For those advertisers that don’t believe in cost-saving incentives, they can adopt the advertising message: expensive but worth it, pointing out the value that the brand provides.

Of course, this is not the time for business as usual. Companies have to go above and beyond to ensure that their marketing and communication strategies connect with customers, maintain brand loyalty and generate leads. If executed well, the shift in strategy could result not only in customer retention but also in new lead generation beyond the traditional target market. Renewed marketing and communication strategies will focus on addressing the challenges of the present while preparing businesses for a post-crisis future.

The impact of the shift to digital can be seen across industries. Now is the time for companies to update their digital presence and marketing and communication strategies, ranging from website design and content to marketing materials, social media management and content marketing. For example, the role of webinars in marketing and sales strategies will likely be transformed forever. As we are forced to let go of our entrenched preference for face-to-face commercial  communication, webinars offer home office professionals the opportunity to feel more connected with customers and prospects.

In conclusion, although the natural inclination for advertisers is to cut back on advertising during a recession, those brands that maintain their advertising budget and/or change their messaging can get a long-lasting boost in sales and market share.

Perhaps the best quote about advertising in a recession came from Sam Walton, the founder of Walmart. When asked, “What do you think about a recession?” he responded, “I thought about it and decided not to participate.” That can be interpreted as “I decided not to participate in recession continuing to invest in marketing & communication as usual”. 

 

Among main sources:

- Candice Lee Reeve; How (and why) to communicate during Covid-19; Apr 2nd, 2020
https://www.everlytic.co.za/how-why-to-communicate-during-covid-19/

- Chris Powell; Peter Field on why it’s important to keep advertising during a downturn; Apr 23rd, 2020
https://the-message.ca/2020/04/23/peter-field-on-why-its-important-to-keep-advertising-during-a-downturn/

- Brad Adgate; When A Recession Comes, Don't Stop Advertising; Sep 5, 2019
https://www.forbes.com/sites/bradadgate/2019/09/05/when-a-recession-comes-dont-stop-advertising/#1f9e39644608

- B2B Marketing and Communication in a COVID-19 World; March 31, 2020
https://mexicobusiness.news/entrepreneurship/news/b2b-marketing-and-communication-covid-19-world

- Elizabeth Swarner; Why Marketing Budgets Shouldn’t Be Cut During a Crisis; May 14, 2020
https://launchmedia.tv/why-marketing-budgets-shouldnt-be-cut-during-a-crisis/

 

MAGAZINE

B2B SERVICES

INFODENT Srl

Via Dell'industria, 65
01100 Viterbo - Italy
T +39 0761 352198
F +39 0761 352133
VAT: IT01612570562

INFODENT SRL has been operating in the dental market for 20 years. Our main product is INFODENT INTERNATIONAL B2B magazine, mailed worldwide to 20,500 companies in the dental trade and industry.We provide customised B2B marketing services and consultancy to help companies in the dental trade and industry find international partners, expand into new markets and promote their brand on an international scale.Since 2003 we have expanded our activity to the whole medical sector through INFOMEDIX INTERNATIONAL, our B2B medical magazine, and a range of related marketing services.

© 2021 Infodent International. - All rights reserved

Forgot your password? Enter the email address for your account.
An email will be sent allowing you to reset it.
Submit