The Economy Sucks. Now Adapt.
There’s one good thing about a bad economy that many marketers forget about, since 99.999% of the news is doom and gloom playing with our brains — in a really bad economy, people are more apt to change their buying habits.
Yes, that may mean buying less of a product or service in your category. And this is where some corporate types with lack of imagination will see cutting back on marketing as the band-aid solution to their problems until they ride out the recession. But the question isn’t really whether to cut back on marketing or even spend more on it. You have to start with the very product or service you offer and ask yourself how you are going to adapt that product in order to give it increased versatility and in turn, value.
See, right now, your target audience can’t sit out a recession. They’re hurting. But believe it or not, they still have a need for your product or service if you can adapt that product or service in a way that speaks to how you feel their pain. Is it as simple as dropping your price? No and I don’t think that’s the smartest move anyway. But it is about being flexible in the name of boosting value.
So as we enter a new year, don’t give me your “it’s the recession” excuse for doing nothing or cutting back on marketing. It’s not a marketing problem. It’s an adaptability-of-your-product/service challenge. Now it’s up to you whether you choose to seize it.
Written by Dan Gershenson; originally posted on thecreativeunderground.com
Category Advertising, Economy, Marketing | Tags: Advertising,Budget,Economy,Marketing,Recession,Spending,Tips
By john Vutech on May 3, 2009
What do you think happens to Jelly Beans that don’t have the “correct shape” grade and/or don’t have the correct logo stamped on them?
Instead of denying that these mishaps occur in their manufacturing process, the Jelly Bean company has taken a fun (and profitable) approach - the “failures” are packaged as Belly Flops and sold online in 2-lb bags at the Jelly Beans Outlet Store.
They are marketed as follows: “the cute little misshapen beans that everyone loves are available right here. Belly Flops are lumpy, bumpy and a little odd looking, but their flavor is absolutely top notch.”
Not suitable for all products but it certainly works in this category …