Marketing in Tough Times – 5 Common Myths You Need to Dispel
Tough times are here already. Is your business prepared to tackle the challenges they present? You can if you prepare well. The first step is to dispel these 5 myths about marketing during tough times.Is your business prepared to tackle the challenges tough times present? The first step is to dispel these 5 myths about marketing during tough times. Click To Tweet
Myth 1 – Global Problems Won’t Affect MY Business
If you think what’s happening ‘over there’ won’t affect your business, think again. The economy is global and even your small local business can feel the effects of events on the other side of the world.
Since the Covid-19 pandemic, businesses in every field are experiencing labour shortages and their attendant effects. Russia invading Ukraine has caused supply chain issues in every industry. And as the climate catastrophe worsens, there will be energy shortages and other disruptions.
Myth 2 – “I’ll Cross That Bridge When I Get to It”
Are ocean levels rising in your neighbourhood yet? You might think, “My market hasn’t felt the effects of the war or pandemic yet, so why worry about it?” A good reason to worry about it is that when things get tough, it’s already too late.
Instead, you need to prepare ahead of time. Now, while things are going well, you should be making plans, building relationships and boosting your brand so that you won’t get panicked when tough times hit.
Myth 3 – Mindset Doesn’t Matter
One of the most important ways to prepare is to adjust your mindset. But you might wonder, how are meditation and deep breathing going to help when sales are in freefall?
Mindset is vital for getting through challenging times. You need to maintain a positive frame of mind so that you can face these challenges. Every setback can be a valuable learning experience if you approach it with positivity and an open mind.
Myth 4 – When Times Are Tough, Sell Harder!
One of the biggest myths of marketing is that when times are tough, you just need to get out there and beat the streets even harder. But when things are hard, you usually have fewer resources to put into sales activities. Furthermore, it’s a fact that outbound sales are just not effective.
What is effective is inbound marketing. This means creating content to publish that brings people into your sales funnel. Build multiple streams of inbound marketing and you’ll find it much easier to keep selling during a downturn.
Myth 5 – People Stop Buying When Facing Financial Difficulties
It may seem intuitive that when finances get tight, people stop spending money. But this is only half the story. They keep spending money on things they need from brands they love.
I started my marketing career in the cosmetics industry and a well-known phenomenon there is what’s known as the Lipstick Effect, or the Lipstick Index. The lipstick effect is when consumers still spend money on small purchases during recessions, economic downturns, or when they have little cash. They may not have enough to spend on big-ticket luxury items; however, they’ll still find the cash for purchases of small luxury items.
This means that if you have a memorable brand that offers massive value, people will stick with you and keep buying, perhaps buying even more. If you can add a small price tag quality product, you can build trust for when things do turn around. Learn as much as you can about your audience and find unique ways to meet their needs, and you’ll thrive.
Don’t Despair – Prepare for Marketing in Tough Times!
Wars, disasters, fires, floods, and killer bees – It may sound gloomy but don’t despair. There’s no reason to catastrophize. Put that energy into preparing and you can not only survive but thrive, even during tough times. As the saying goes “When the going gets tough, the tough get going!”
Are you worried about the tough times the future may bring? Stop worrying today and prepare your business so that it will not only survive but thrive in hard times. If you need help mastering your marketing in tough times then download our Report/Workbook to help you prepare.