Working for a CFP in a financial industry recently has got me thinking of how the current economic situation effects marketing and Public Relations efforts for those who DON’T work in finance. For a financial planner you have all the more reason to up the promotions during these thought times. But what does it mean for the rest of us in PR? How do we view this situation and keep incentive and positivity for our clients??
In Ad Age’s “5 Tips to Cope — or Thrive — Through Downtown”, they claim that the good news is that remarkable innovation occurs in marketing and media — in the worst of times. Good thing for us marketers/branders/launchers/and PR folk, we are in the worst of times… (or something like it)! Time Magazine (which started Fortune) launched at the start of the great depression, and the magazine has made a large chunk of their wealth with magazines which were launched during recession years. Some examples: Time (1923); Fortune (1930); Sports Illustrated (1954); People (1974); Entertainment Weekly (1990). Also, regarding marketing in a bad economy, Jack Humphrey says that in times like this it is important to get beyond the excuse of “my sales are down because of the economy”. It’s a false mentality. Instead start brainstorming new and better ways to help SOLVE people’s problems to attract more attention to your products. (Which should become the solving problem products). All you have to do is what the competing products will not do, in order to solve the problem for the customer. While others companies are lamenting the market loss, you’ll be moving forward with marketing and promo efforts. However, don’t market as if you don’t know that customers are concerned about the times. Address the issue. Then help them deal with it. Use your product to capture their attention and ease their minds from chaos that is currently our economy. Identify an aspect of your product/client that positively relates to the economy downturn. Create a positive light, and then promote it!