According to a Family Handyman online article; a motor engine can seize due to running on low or no oil, overheating, or succumbing to a broken timing belt. If a mechanic has diagnosed your engine as seized, unfortunately, there are few options readily available to you. Depending on the severity of the damage, most mechanics will suggest a complete replacement rather than attempt a repair.
Think of your brand as an engine, because it is. It is the engine that drives relationships with your customers and it’s also what differentiates it and therefore should drive everything you do with your marketing tactics.
So you just can’t shut off your brand when things get super tight like it is now.
I sat on the client side for many years before starting Pepper.
Here’s a sentiment I’ve heard in different companies and was the same with some of my peers over the years:
CEO: “Things are tight, we’ve got to cut costs. Let’s see where we can reduce spending. Anything that’s not absolutely necessary, let’s cut or reduce considerably please.”
Managers would leave the meeting and go off to re-jig their budgets because one thing that remained constant was the annual profit expectations. Taking a short term view impacts future performance. You do better in the short term by turning off the brand engine or cancelling training programs or new product development, but then you do much worse over time. Brand relationships were put on hold. People development got a recess. And the new product or new business pipeline dried up.
Double down on branding in a recession
An ad man like me suggesting that you keep investing in your brand in a recession could be seen as loaded with self-interest. So allow me to lean on Warren Buffett’s proven and credible philosophy on market conditions:
When other people are panicking, that’s the time to buy. And for business owners, economic downturns are a great time to earn more market share while the competition is retreating or shutting down.
Brands still need legacy media
With other brands shutting down, it gives you room to dominate the stage. You can do so with smaller budgets, always optimising efficiencies in media buys. On that score, I’m not convinced that digital alone does the job. To me, digital needs the energy, dynamism, and credibility of legacy media like radio and newspapers (depending on the target), to move brand messaging from just single-casting to broadcasting to the tribe, for a bigger, deeper impact. TV in my view still has a place in the T&T media landscape, to be used tactically. For example, the current CPL live cricket coverage. But local media must address the paucity of current data on reach and audience profiles.
“In the current climate of fake news and polarising events, mistrust in digital media is growing. People worldwide see social media as a less credible source of news and are instead turning to traditional outlets that have stood the test of time and earned their trust.”, says Tyrone O’Neill of Ovato, who although not impartial, since he’s an Australian print publisher, expresses a sentiment that many others, including marketers, have expressed.
O’Neill added: “Though people are increasingly turning to digital media to communicate and access news and information, traditional print media is unique in its ability to capture readers’ trust. Print outlets have proven their credibility through longevity and a dedication to quality, and they’re a safe and easy-to-access option for all.”
Use the power of consistency.
Consistency is the key to building trust. A consistent brand creates a strong, recognisable image in your customers’ minds that builds awareness and loyalty. It also increases the value of your company by fostering equity and recognition. In other words, consistency isn’t just good practice; it’s an essential part of branding.
A brand is a terrible thing to waste. Your company got to this point by choosing a credible, competitive, relevant, and sustainable Point of Difference (POD) for your brands. You have invested tons of dollars in GRPs offline, through trade marketing, brand activations, and engagement online. All of those investments to own your POD with your tribe and consistency is your friend.
Don’t starve your brand engine of oil. It might not start when you’re ready to get it going again.
