How to Build Your Brand for Longterm Success: Advertising Through All Economic Climates
It’s no secret that the current economic situation and overall business-climate has had a significant and lasting impact on organizations around the world. And true, it is a dazzling menagerie of debacles — seasonal debt ceiling debates, navigating life and business post-covid — not to mention the war in Ukraine, cat-and-mouse with Russia, China, North Korea, and on and on…and on. The point is, there is always a lot going on, most of which is well beyond your control.
And yet, businesses are looking for ways to stay afloat while also maintaining their brand’s integrity and identity through challenging times. The notion of brand strength isn’t new, or just a “Post-Covid Thing”. Much like brand building is a constant, so too are rough economic waters.
The times, as they say, are always changing as famously noted by Bob Dylan decades ago:
Your old road is rapidly agin'
Please get out of the new one
If you can't lend your hand
For the times they are a-changin'
This was as true in the 60s as it is today. Change is and always will be continuous. It's how we adapt to change that will determine our success in life and in business. With adaptability, your brand should be able to weather the tumultuous winter storms and enjoy the sunshiney, summer afternoons. When it comes to your brand’s longevity, it is as much about adaptability as it is about strength and durability.
To survive in today's market, it is to have an effective marketing strategy that can help you remain competitive. This means focusing on and investing in your brand, in every sense of the word.
From building a strong online presence and creating engaging content to speaking directly to your customers, it is essential to ensure that your brand remains visible in the face of economic turmoil. Additionally, investing in advanced analytics can help you understand customer trends and needs further improving your marketing strategy.
According to a study conducted by the Advertising Research Foundation (ARF) in 2019, consistent advertising and marketing efforts over time contribute significantly to brand longevity. The study analyzed data from various brands across different industries and found that companies with consistent marketing strategies experienced an average revenue growth of 23% over a ten-year period. The research emphasized the importance of maintaining a steady presence in the market, as consistent messaging and brand visibility created a sense of familiarity and trust among consumers. By nurturing brand recognition through ongoing advertising and marketing efforts, businesses can establish a solid foundation and increase their chances of long-term success. The trick is not in simply advertising in perpetuity, recognizing the nuances of various channels, and being able to constantly evaluate and pivot, based on market conditions, both in terms of budget, allocation and messaging.
The brand presence though, should be steadfast.
CHANGE IS CONSTANT, AND SO TOO, SHOULD BE YOUR BRAND
Advertising through all economic climates, both good and bad, is essential for any business to remain competitive. During times of financial uncertainty, it's important to focus on the long-term growth potential of your company by investing in marketing strategies that will yield positive returns over time. While traditional advertising methods such as billboard ads or TV commercials can be effective in reaching a larger audience, digital marketing techniques such as SEO and social media can be used to target a specific demographic at a fraction of the cost with a greater overall awareness yield over time.
LEVERAGE AND FOLLOW YOUR DATA
Certainly, times are volatile, but then again — aren’t they always? The good news is that in these times, as marketers, we have access to millions of data points, which allow us to craft plans and strategies to account for downturns and upturns alike, uncovering new demographic and revenue opportunities with digital marketing and advertising solutions.
As a category, digital advertising can provide more accurate data on customer behavior and engagement, allowing businesses to make better decisions in their marketing strategies. Ultimately, using both traditional and digital advertising methods can help keep your business competitive regardless of what economic climate your business is navigating and traversing.
DEPLOY EVERGREEN MARKETING TACTICS
By developing and implementing evergreen marketing tactics in the face of constant economic uncertainty, business leaders can create a longer-lasting, everstrong presence. Evergreen marketing refers to strategies and approaches that are timeless and can be effective regardless of the economic climate.
In times of economic unpredictability, businesses may find it challenging to rely on short-term or trend-based marketing campaigns. By focusing on evergreen marketing tactics, brand leaders and business owners aim to create long-lasting and sustainable marketing strategies that can weather both favorable and unfavorable economic conditions.
These evergreen tactics typically involve emphasizing core brand values, delivering consistent messaging, and building long-term relationships with customers. By employing such tactics, businesses can establish a strong foundation that helps sustain their brand and mitigate the impact of economic fluctuations.
THE BRANDS THAT CONTINUE TO ADVERTISING AND BUILD THEIR BRAND ARE THE ONES WITH THE “STAYING POWER”
So, what does “Staying Power” mean as a brand or business?
Staying power as a brand or business means having the capacity to continually remain relevant, competitive, and successful over a long period of time despite changes in the market. It involves maintaining an established presence in an industry through consistency in marketing strategies, effective communication with customers, and continual innovation. In short, it is about being resilient even while adapting to changing customer demands. Having staying power allows a brand or business to remain profitable and continue to grow despite challenging market conditions.
A San Diego News Segment, featuring TAVO Media Group CEO & Founder, Bryant Walker, discussing with KUSI News personality, Roy Robertson, the benefits of maintaining a strong brand presence through any and all economic climates, including uncertain times.
HOW TO PREPARE YOUR BRAND FOR ECONOMIC UNCERTAINTY TO PREVENT A BUSINESS-CALAMITY
Preparing your business’ marketing, advertising and communications plan for all circumstances comes down to, you guessed it — strategy. A proper, scalable MarCom Strategy will help your business by crafting and deploying a full-court press communications and advertising plan designed to help your business scale in any market.
A robust Marketing and Communications (MarCom) strategy is essential for businesses to scale and thrive, regardless of the economic climate. Here are five key elements that can contribute to the effectiveness of such a strategy:
Clear Brand Positioning: Establishing a clear brand positioning is crucial. This involves defining your target audience, understanding their needs, and differentiating your brand from competitors. A strong brand positioning helps create a consistent and compelling message that resonates with customers, regardless of economic fluctuations.
Diversified Marketing Channels: To ensure resilience in the face of economic uncertainty, it's important to diversify your marketing channels. Relying solely on a single channel can be risky if that channel becomes less effective or experiences disruptions. Utilize a mix of online and offline channels such as social media, content marketing, email marketing, search engine optimization, and traditional advertising to reach a wider audience.
Data-Driven Decision Making: Implementing a data-driven approach allows you to make informed marketing decisions. Utilize analytics tools to gather insights on customer behavior, campaign performance, and market trends. This data can guide you in refining your strategies, optimizing campaigns, and identifying new opportunities for growth, irrespective of economic conditions.
Customer Relationship Management (CRM): Building and maintaining strong customer relationships is crucial for long-term success. Implement a CRM system to effectively manage customer interactions, track their preferences, and personalize communication. By understanding and addressing customer needs consistently, you can foster loyalty and retain customers, even during challenging economic times.
Agility and Adaptability: Economic climates can change rapidly, requiring businesses to be agile and adaptable. Remain flexible in your marketing strategies and be prepared to adjust your tactics based on evolving market conditions. Stay updated on industry trends, consumer preferences, and emerging technologies to seize opportunities and respond effectively to economic uncertainties.
While these five elements provide a foundation for a robust MarCom strategy, it's important to tailor your approach based on your specific industry, target audience, and business goals. Regularly evaluate and refine your strategies to stay ahead of the competition and navigate any economic challenges that may arise.
READY TO TAKE THE NEXT STEP IN BUILDING YOUR BRAND, FOR THE LONG HAUL?
Looking to build a resilient brand with true staying power, regardless of economic fluctuations? TAVO Media Group is here to help. With our expertise in marketing and communications, we understand the importance of evergreen strategies that withstand the test of time.
Our team of professionals can work closely with your business to develop a comprehensive marketing and communications plan, leveraging clear brand positioning, diversified marketing channels, data-driven decision making, robust customer relationship management, and agile adaptability. Together, we can help your business establish a strong foundation and navigate any economic climate with confidence, ensuring your brand thrives and grows for the long term.
