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December 8, 2008
Is the Bad Economy Bringing Branding Back?
So, here at SES Chicago, I keep hearing about a marketing practice I thought was dead - BRANDING. After all, aren't conversions, ROI, data, analytics and landing page testing/optimization the name of the day?
Maybe not in a tough economy. With consumers buying less (save for Black Friday and Cyber Monday), brands who brand during the recession may be the ones to emerge on top when the good times roll back in.
Integration will be key to that branding. Advertisers are shifting their dollars from expensive traditional methods to the better deal that is online advertising. Of course, all that bidding is driving/will drive up prices.
But this might lead to better deals for offline channels, which can make that integrated marketing campaign bloom.
Whatever your strategy, do your best to stay visible during the recession. You might just be the first retailer consumers turn to when they go shopping again.
Posted by Nathania Johnson on December 8, 2008 3:36 PM
Comments
As a marketing professional at an advertising agency that caters primarily to home builders, I couldn't possibly agree more. I don't know how many companies I have said this to in the course of my career.
It comes down to opportunity. During a recession, CFOs first cuts marketing budgets because of its 'fuzzy' ROI. But what they fail to understand that building brand recognition during a down economy is an investment in share of mind--and that is something that cannot easily be measured.
As media spending (both traditional and new) declines, there is less competition between brands in the minds of consumers. Those brands that hang tough and maintain a consistent (note: that does not imply heavy) brand presence will be the first ones in consumer mindsets when things turn around.
It's a lot more expensive to displace mind share than it is to earn it! Understand your strengths, find ways to communicate it and develop smart, efficient ways to keep your brand in front of your target audience and they will reward you when the time comes.
James Dodd December 8, 2008 5:35 PM
Branding isn't going anywhere. It will just continue to evolve as we begin to understand more about the close relationship between emotions and decision-making.
While analytics may tell you what's going on in the marketplace, branding is ultimately the strongest response a business can make to those trends. Because as you begin to form a picture of who your most important consumers are, the ideal goal should be to associate your business with the wants and desires that are most pressing to them as they decide about their purchase.
Decisions are rarely logical -- and for businesses it's vital, especially in this economy, to understand more about what is really going through the consumer's head as they pick one product instead of another.
The Novel Era December 10, 2008 9:50 AM
