4 Tips For Advertising During A Recession
While navigating a recession can be a tumultuous time for the commercial real estate industry, with many businesses experiencing fewer sales transactions than normal, it doesn’t mean that advertising should come to a complete stop.
In response to an economic downtown, CRE marketers may be tempted to make sudden moves and reallocate marketing budgets to focus less on advertising. However, there may actually be more long-term benefits in continuing to put forth marketing efforts in a recession.
Media business Miq stated that coming out of a recession, it turned out that companies that advertised in a downturn experienced 256% more sales than those that didn’t. No matter what state the economy is in, CRE businesses that continue to put their brand forward and look for ways to provide value to their target audience are the ones most likely to come out stronger on the other side.
Check out Bisnow’s four tips below to learn more about how to drive business forward and provide value to your target audience during a recession.
1. Focus On The Why
During a recession, your target audience may be making considerations about which products or services they can’t live without. Therefore, it becomes more important than ever for businesses to emphasize the “why” in what they’re doing and always include it in their advertising across all marketing channels.
Markletic recommends that rather than educating your customers on the features of your products and services, businesses should shift their strategy to focus more on value-based marketing, or centering advertising around what customers need. When connecting with your audience, be sure to highlight why your offerings are unique and helpful for them.
2. Optimize Your Messaging
Even in a recession, it is crucial for CRE companies to maintain consistent messaging to keep their brand on their audience’s radar. However, the words used within that message may mean the difference between customers reading your message and completing a call-to-action item or them clicking off your page and choosing to sever the connection.
When advertising, Total Retail recommends crafting a message that shows an awareness of what is going on in the current climate while keeping the call to action streamlined. Additionally, prior to sending the message, it may be helpful to research the companies you want to connect with to ensure that your message would be relevant, timely and appropriate.
3. Break Down Pricing Into Tiers
One way that CRE businesses can meet their target audience where they are and help them get on board with what you’re advertising is to change the structure of how your products and services are offered.
The U.S. Chamber of Commerce suggests breaking down your offerings into tiered packages and including a different price point for each package. Even if your target audience is starting with the lowest price point during a recession, if they enjoy what you’re providing, they may make the investment in a higher-priced package later down the line.
4. Track Customer Trends
CRE companies should approach marketing objectives with the perspective of a brighter future on the horizon. Even if your target audience is unable to purchase a particular product or service at this time, you want to make sure that you are putting the right techniques in place to stay relevant for them.
Forbes suggests having a marketing plan in place for the “new normal.” By keeping track of any behavioral shifts and trends that come up during the downturn, CRE companies can note what is likely to stick around for the long run and prepare their marketing tactics for the future.
CRE marketers should always be aware of how to best connect with their target audience, especially during downturns. If you're looking for more marketing expertise, keep up with Bisnow Marketing Services to learn about our top tips for success. Interested in leveraging Bisnow’s audience to create your own success stories? Set up a call now with our team here to learn more.