Don’t Bury Your Head in the Sand
Written by Julie Littlemore, Managing Director of The Marketing Bureau.
Lockdown has created a change in lifestyle for everyone over the past few months and many will find it difficult to change the habits they have had to maintain and may be reluctant to return to the norm.
However, people’s lack of resistance to maintain lockdown changes will venture out to seek the return of their previous lifestyle. This has already been seen since level 3 was introduced and there are many more people being seen in public areas, outside cafés and restaurants, and many venturing into St Helier to visit the many shops which have opened and continue to do so as people are craving the norm once again.
Many businesses may feel like they have been fighting a losing battle but the government has helped to maintain employment levels and encouraged businesses to open by lifting some of the restraints and hoping to get the economy up and running again.
We also saw the hit on a recession in the financial crash in 2009 and one of the first things which happened within many companies was to cut marketing and advertising budgets without realising that in a recession this is the most important time to promote their business by advertising.
It was well documented that brands that increase advertising during a recession, can improve market share and return on investment and they outperformed their competitors on long term profitability.
A classic example of a recession was that Walmart in America recognised that competitors cut their marketing & advertising dramatically as they were trying to save money and decrease their expenses in order to keep their head above water, but Walmart did the opposite and ploughed budgets into marketing & advertising which resulted in them becoming the market leaders and created a multi-million dollar company. This was due to their consistent exposure through advertising which demanded the attention of people’s subconscious curiosity and interest.
It is therefore imperative that businesses look at the long term even if they have become busy in the pandemic through certain demand of products and services but this may not be maintained once more businesses open and creates a short term sense of security without looking to the future. You may be extremely busy and sales are high so there is no need to advertise which is a poor strategic decision as your competitors are gradually taking a larger piece of the pie by securing and maintaining market share long term. It costs much more to get advertising momentum going again than it costs to keep it going. Once you let momentum die you must start almost from scratch again.
You need to identify your core values and maintain these throughout your promotion and advertising even if you are targeting a totally different audience. It ensures the strength of your brand is always maintained. There is a lot of psychology to advertising and your audience will always keep different types of advertising and brands in their subconscious until they are ready to use a service or product and then the recognition comes to the forefront of people’s minds. It is one of the most important aspects of growing your business and is an investment that will pay for itself over and over again, yet it is often misunderstood, or neglected due to a lack of time, resources or knowledge of its potential. Clever, creative and flexible marketing strategies can unlock huge potential for your business. Advertising and promotion is a very powerful tool.
It is more important now than ever before that people will come through your door ahead of your competitors or to just keep continuity of business growth after our time of uncertainty during the pandemic. Let people know that you are trading and open for business and give clear messages to your customers, creating assurance and loyalty.
The Marketing Bureau are here to help you achieve this by way of offering you imminent discounts and payment schemes. So, don’t bury your head in the sand, please call one of our team to discuss further information and options to see how we can help you.
Copyright 2020 The Marketing Bureau Jersey Ltd