While I don’t consider myself an economic fortune teller, I do know that every economic recession in the last century has ended at some point. Chances are, the recession we are in will end as well.
When the recession does end, we need to be prepared to transition our marketing message to connect with our prospects. Companies that continue exclusively with the doom-and-gloom-better-cut-costs-now marketing strategy may miss out on significant sales opportunities during the recovery.
During a recession, marketing messages tend to focus on cost reduction. Messages typically begin with a negative assessment of the current situation. (“During these challeging economic times, companies are looking for practical ways to reduce overhead expenses...”) The messaging then goes on to identify “low hanging fruit” opportunities to cut cost that may have been overlooked when times were good.
During a recovery, the marketing message should begin to translate to a more positive approach to productivity. Instead of just being a partner to cut costs, now we position ourselves as the partner for scalability and growth. Here are a few potential scenarios.
Scenario 1: Company laid off employees and now orders are picking up again.
This company needs ways to do more with the people that they have. They need to boost productivity. They need to leverage technology to allow them to grow without having to hire and train a bunch of new employees. This company is a good prospect for process automation solutions that integrate multifunction systems and software. In this scenario, the marketing message would focus on the productivity-enhancing benefits of our technologies. The key message would be to leverage technology to enable your company to fully capitalize on the economic rebound.
Scenario 2: Company emerges in a stronger competitive position because some of their competitors went out of business during the recession.
This company needs ways to leverage their new market strength. They want to invest in their image and marketing, making them good prospects for color and variable data marketing solutions. This company also needs a technology partner that can help them grow and integrate their infrastructure as they acquire their weaker competitors. The marketing message is that we can help you avoid growing pains as you take advantage of the economic rebound.
How Do We Make the Shift?
I think one of the best examples of a company making a shift between recession and recovery marketing is the current Southwest Airlines campaign: “It’s On!” In this campaign, business people are challenged to fight against the recession, hit the road, work hard and make things happen. It’s still a recessionary message (with a nice positive spin). But it also suggests that the day will come when things will be better. Southwest positions itself and its customers as part of the transition.
While no one can know when the recession will end, it is important that we all be ready to take advantage of the rebound. Begin thinking today about how you will need to transition your marketing message in the months to come.
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