Do’s and Don’ts of Recession Marketing

Do’s and Don’ts of Recession Marketing

Should you slow down your marketing in a recession? Probably not.

Most experts agree that continuing to market is the best to stay on course during an economic downturn. And history shows us that it may even be advantageous to ramp up your efforts and spending.

So what’s the deal? Here are some simple do’s and don’ts for marketing during a recession, with quick tips for keeping up your brand’s presence regardless of economic circumstances.

Why Marketing in a Recession Matters

While it might seem like you should tone down your marketing when people have less to spend, it’s actually the opposite that’s true.

Most businesses that thrived during previous recessions had one big thing in common: They took action and focused on growth instead of cutbacks. Doing so can be essential for staying afloat. It also puts brands in a much better position when things level out again.

Recession Marketing Do’s and Don’ts

While there’s no such thing as one-size-fits-all marketing if a recession hits, here are some general guidelines to help you weather the storm:

  • DO look at your competitors: If you notice them either taking a step back or aggressively ramping things up, that’s a sign that an economic shift is on its way.

  • DON’T keep the same messaging: A recession likely means a change in your customers’ objectives, budgets and sales journeys. Adjust your value proposition to represent these changes and stay in line with what your customers want and need.
  • DO deliver more value: Delivering more real and perceived value is important for showing customers that you’re worth making room in their budget for.
  • DON’T worry as much about acquisition: Retention and activation are where it’s at during a recession. Worry less about marketing toward new customers and more about engaging with current ones and offering them an exceptional experience.

Need help preparing for the future? Get in touch and let’s chat.

Marketing and the Creator Economy

Marketing and the Creator Economy

The internet has made it so that anyone and their dog can post content and (potentially) get paid for it. And today, the global influencer community is bringing in an estimated $13.8 billion, with no signs of slowing down anytime soon.

Here’s what to know about the creator economy (and why it matters to marketers):

How Does the Creator Economy Work?

The term “creator economy” refers to two separate entities: the independent creators who make and monetize content (think social media posts, videos, and online communities), and the various apps, tools and software platforms that support them.

Creators can make money in lots of ways, including brand partnerships, revenue from ads and views, sponsorships and affiliate links. And if you’re a marketer, you should be able to find creators who want to work with you — and who can give you access to their tuned-in audience.

Capitalizing on Creator Economy Trends

Many marketing strategies incorporate industry trends. Here are two that stand out when you’re looking at the rapidly evolving creator economy.

1. Social commerce. A creator-led ad may seem more authentic to viewers, but it’s an ad all the same. If you’re the one paying for it, make sure you get your money’s worth by including coupon codes, affiliate codes, or other incentives so that there’s a true CTA for your brand.

2. Personalization. Independent creators allow you to target your audience in hyper-specific ways. Work with creators who don’t just reach the right audience but who embody it, and diversify your influencer pool if needed to touch on all your various target groups.

Cognitive Biases and Marketing Strategy

Cognitive Biases and Marketing Strategy

Digital marketing isn’t a new thing these days and most businesses have already shifted to it regardless of the industry that they’re in. Whether you’re selling products or services, you can’t deny the fact that most consumer traffic comes from the online world.

 Before, all you need was either a website or a Facebook page, but the digital sphere is evolving so fast that most businesses realized that they need to keep up with the latest digital marketing trends. The pandemic has even made sure of that realization! We saw the booming of food delivery apps, cashless payment systems, online marketplaces, and more.

 If you want your business to stay relevant and alive, you need to adapt to the latest digital marketing trends, and here are some of them that you need to watch out for in 2021.

Quick Tips for Using Marketing Imagery

Quick Tips for Using Marketing Imagery

How important is imagery in marketing campaigns?

Images help your brand make a good impression and a lasting impact on your audience. And when used correctly, they increase the potential for more engagement and more sales.

Here’s why images matter and how to choose the best visual content for your marketing campaigns.

Why Imagery Matters in Marketing
The brain has an uncanny ability to understand the meaning of visual cues and can do so in seconds — which is a lot faster than it can understand the meaning of text. This makes images more effective and more persuasive than text alone, and a lot more memorable too.

From a marketing standpoint, improved comprehension means better campaign results. Images can also strengthen your branding, and may even encourage impulse buying.

Tips for Choosing Visual Content
Not all images are created equal, so follow these tips to choose images that will have the biggest impact.

  • Know your visual content. There are various types of visual content, including photographs, GIFs, videos, illustrations, and data visualizations. Each has unique advantages for engagement, but they’re not interchangeable. Use campaign analytics and A/B testing to figure out what works best and when so you’re not just shooting in the dark.

  • Consider the context. Just as the type of image matters, so does the placement. You’ll have different needs based on where you’re sourcing visuals for (websites vs. social media vs. print), so don’t rely too heavily on a one-size-fits-all approach.
  • Build-in your brand. Viewers should be able to quickly connect the dots between an image and your brand. The easiest way to do this is by including a logo, as well as by bringing in other markers of brand identity, such as branded colors, post-processing style, and fonts.

Have more questions? Get in touch and let’s talk.

5 Luxury Marketing Ideas to Learn From

5 Luxury Marketing Ideas to Learn From

There’s a lot to learn from looking at how luxury products and services are marketed. And there’s a lot that you can emulate, even if your product or service isn’t catering to the same audience.

Think you might want to try out a marketing tactic from the luxury market? From messaging to online user experiences, here are five things luxury brands do differently:

1. Focus on Storytelling

All marketing is intended to get the point across. Luxury brands, however, do this with storytelling tactics that tend to focus on history, craftsmanship, and passion.

2. Be Conscientious

Among the chief concerns of a luxury marketer is paying close attention to brand perception, particularly in regards to humanity and authenticity. Consumers have high expectations for brands and want to see social consciousness along with a great product.

3. Use Only High-Quality Content

When done right, you can tell a brand is catering toward a luxury market immediately. That’s done, in part, with exceptional marketing content that uses high-quality images and specific language to elevate brand voice and identity.

4. Be Aspirational

All good marketers understand who their customers are, but luxury marketers also understand who their customers want to be. They recognize the importance of appealing to people’s lifestyle goals.

5. Give a Great User Experience

Consider the difference between a lux brand’s website and the website of a big box brand. Prices are different, of course, but the former is also a whole lot prettier (and easier) to shop on. Luxury brands make sure that their website and checkout process are a seamless experience.

Need help incorporating more luxury ideas into your marketing strategy? Let’s talk.

Seven Reasons Why Your Business Needs a Marketing Makeover

Seven Reasons Why Your Business Needs a Marketing Makeover

Your firm or organization has just begun another year of operation, which is an achievement to be proud of.

So, how’s the marketing at your company going? In terms of marketing strategy, are you head and shoulders above your competitors? If you’re not happy with your company’s overall brand image and messaging, a marketing makeover may well be necessary.

But how can you tell if your brand needs a total overhaul or just a refresh? The key is to be aware of specific Red Flags that will indicate whether you need to rebrand or at the very least change your marketing messaging.

If you believe your company exhibits more than one of these Red Flags, it’s time for a marketing makeover.


The Seven (7) Red Flags in Marketing To Look Out For

 

  1. Inconsistent Branding

Great brands all have one thing in common – consistent visual images, colors, and messaging.

By having mismatched marketing imaginary, including collateral materials, consumers will be confused, which often means they’ll not be drawn to your brand and will search for another provider that will provide them with the assurance they’re looking for. If your logo, brochures, sell sheets and website do not look consistent with each other, as if they were designed by different providers over the years, then it’s time for them to be re-designed by the same creative provider so your company has that consistent brand imaging that is essential in today’s competitive environment.

 

  1. Your Competition’s Marketing Is Better

You need to make a change if your competitors’ content, appearance, and overall branding are better than yours.

We often find that the companies that provide superior products or services often are not the best marketers. If your lessor competitors have better marketing, then there’s a good chance they’re larger and more profitable.

Making a great first impression with potential customers is essential. The world moves so fast that you may not get a chance to make a second impression. If your competitors’ marketing imagery and messaging make yours look amateurish, then it’s time to do something about it.

It may be the perfect time to call in a marketing and branding expert, to evaluate your current marketing efforts while taking a look at what your competitors are doing.

In all, it’s essential to understand your company’s unique story and what makes you different and yes, better than the competition, and share those unique offerings and benefits with the marketplace in a memorable and engaging way.

 

  1. Your Marketing Is Focused Too Much On You

To truly connect with your audience, you must focus entirely on them. What can you do to help them make their lives easier? What solutions do you have to resolve their problems? This is a challenging road to traverse because you need to engage with them on several levels while marketing your firm and its goods or services.

Relationship building should be a top focus when it comes to marketing. Important communications and conversations accomplish more than disrupting meaningful messages and discussions with constant advertisement.

Customers will become more loyal the more you understand them and interact with them in a way that promotes a connection.

 

  1. Low ROI (Return On Investments)

The cost per acquisition (CPA), or how much it costs to acquire one new customer, is tied to a company’s return on investment (ROI).

For your business to survive in the corporate world, you should be able to minimize the amount you spend on gaining new customers, in order to maximize ROI.

If you’re not convinced that your sales and marketing efforts are maximizing your ROI, it could be time to revamp your marketing strategy.

 

  1. Poor Web Traffic

Poor web traffic is a result of several factors such as — Poor SEO, terrible website load time, unresponsive website formatting, plenty of broken links and images, etc.

But all these ultimately signify that your marketing efforts are ineffective in driving traffic to your website and social media accounts. Your digital marketing is in need of a makeover if this is the scenario.

 

  1. Poor Conversions

While it is essential to invest in effective SEO to drive traffic to your website, this shouldn’t be the end goal.

Many businesses engage in effective SEO and advertising with only the purpose of increasing traffic to their website. Although they may be successful in doing this, only driving in traffic would not improve sales.

Businesses should be able to convert at least 2 to 5 % of their incoming traffic.

If your website receives tons of traffic but isn’t converting them into paying customers that simply hints that your web copy is ineffective. If this is the case, then your online marketing needs a revamp.

 

  1. Technology Has Changed…Have You?

Is it easy to find your message on different marketing and social media channels that matter to your target audience? Is it simple to explore your website and place orders? If your website isn’t mobile-friendly, you’re losing money.

According to research published in October 2021, 55 percent of consumers worldwide made purchases using their mobile phones.

Not only that, but Google declared on April 21, 2015, that mobile-friendly websites will be ranked higher than non-mobile-friendly websites. If your website is unresponsive, it will have a big impact on how it appears in search results. And how will you engage with your consumers if no one visits your website?

 

What’s My Next Step?

Giving your marketing a makeover doesn’t have to be a monumental task; a new logo and brand colors could suffice. A few minor changes to your existing website, such as new images, more engaging copy, and a mobile-friendly design, maybe all that’s required.

A 360-degree corporate rebranding, which could include a new company name, logo, website, marketing materials, social media presence, and more, can be a major undertaking.

In the wrong hands, a marketing makeover has the potential to dramatically reshape your company image and not in a good way. That is why working with a professional marketing agency to guide you through the process is important.

For over 25 years, Smith Marketing has assisted businesses and organizations with their brand messaging. We have the expertise, knowledge, and technological skills to build the brand your firm deserves.

It is not necessary to wait months to give your company a refreshed look or even an image makeover. We’ve worked with businesses where we gave their business a fresh new look with a new logo, tagline, website, and marketing elements in as little as 45 days. Now, these businesses are good for at least another five years, perhaps even longer.

 

So what’s holding you back?

If you need help in taking your company’s marketing to the next level, give us a call at 815-355-6892, email us at info@smithmarketing.com or visit our website at www.smithmarketing.com