There is a tendency during tough economic times for consumers and businesses alike to reduce their spending and batten down the hatches. Poor confidence in the economy, fears about the long and short term viability of our business, jobs and investments can bring about a tightening of the purse strings and the slashing of marketing budgets. However, research clearly shows that companies who cut their marketing spend during recession risk a downward spiral of competitiveness and market share.

Recognise and Adapt to New Consumer Buying Strategies

Even in the current recession, the internet still attracts millions of consumers on a daily basis. However, today's consumer is understandably cautions about spending their hard earned cash and a good deal more selective where they spend it. Furthermore, our experience shows that consumers are taking longer to reach a buying decision which is partly due to more exhastive pre-sales research than normal.

It is important that you continue to promote switching, or up-selling, from competitors or lesser products and maintain marketing to your core audience. Some market research should also identify how your products or sevices might represent a logical step down from something else.

• Rather than purcasing a new home, some may decide to extend in order to accomodate a growing family.
• Those who eat out often may invest in new kitchenware or cookery courses to satisfy their gastronomic desires.
• Regular cinema goers may stay at home more often and rent DVD's instead.

This alters the way consumers search and the keywords they use. So, if you haven't done so already, now is the time to refresh your keyword research and create new content that addresses a changing market and the changing needs of your customers.

Why You Should Market More During a Recession

• Customers spend less, procrastinate more before making a buying decision and are highly selective in where they spend their money, thus every sale becomes harder to win. It makes sense, therefore, to market more during an economic downturn than less.
• When competitors cut back their marketing campaigns there is less noise to contend with and you gain a louder, clearer voice.
• Front of mind awareness is easier to achieved by businesses who continue to engaging their customers by broadcasting messages that are relevant to their changing needs and circumstances.
• Cutting back on marketing or 'going dark' lowers brand awareness and loses market share that’s dificult to win back when economic conditions improve.