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Creative Spark Communications
Meadowcroft
Cores End Road
Bourne End
Bucks
SL8 5AL
Tel: 01628 850082
Email
View map
Meadowcroft
Cores End Road
Bourne End
Bucks
SL8 5AL
Tel: 01628 850082
View map
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Marketing to the Bear Market
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So we are officially in a “bear” market. This is when the share price has fallen 20% from its peak. The last bear market lasted 3 years and 3 months. I know this is true because I read it in the newspapers and saw it on the news.
The price of housing is going down minute by minute and the price of food and commodities such as oil are rising every day. Gloom is descending the earth because people aren’t spending and this is all a BAD THING. What’s a small or medium-sized business to do? Weep and wail and give up? Go to a cheaper area of the world? Sit it out with gritted teeth and wait for the storm to blow over? Do nothing different? Or adapt your marketing? If your customers are fearful, those fears will seem real. As with all good marketing you need to get into the conversation inside the head of your customer – so don’t ignore those fears. In fact people often buy more quickly from fear than from hope, so a good quality solution to reduce the fear can become more attractive. Look again at the product range you offer. If your customers genuinely have more fear and spend more cautiously – adapt. Perhaps you need an additional product at the free or entry level, or a new service at the top end to really banish the fears. Use your own fears to improve your company. Maybe delivery could be streamlined with better procedures, more focus on clients, new staff, outsourcing or new technology. You may be able to negotiate a better price on that bright shiny kit you have had your eye on. Beat the bottle-necks. As the head of your business – or the person responsible for communication – does your company operate with values which appeal to your customer? If so, are those values real for the whole team? A company with a meaningful Mission Statement will have more energy and resilience, and be more attractive to customers. And will simply get more done more easily. The lifeblood of your business are your customers. What are they like and where do they come from? Are you getting customers who are perfect for you? If leaner times are here the wrong clients could be dangerous, and it is important to know which customers you would turn away or refer elsewhere. Have you set up your marketing to find the right customers and then be found by more? A good pipeline of perfect prospective customers has got to be an excellent defence against recession. Planned with care, you could gain from the credit crunch. It could be the catalyst for a more committed, better-response business which meets the needs of the market with more conviction. You could even become more expert in a particular niche and put your prices up! Credit Crunch Catastrophe could turn into Recession Revitalisation.
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