Wow, it seems the news is bad every day. Yesterday I read about all the problems with Europe’s financial system. It shouldn’t be a surprise to me but the degree to which the world economies are linked is amazing. The word bailout has become quite an emotional one for people on both sides of the Atlantic but what does it mean for us marketers?
It is the job of marketing to find people with a need to know, like, trust and buy from us. We are in the optimism business and never was optimism more necessary than now. Successful economies are driven by confidence in the future. At the moment the main ingredient lacking is confidence that our financial system is structured correctly. It seems to me that the bailout is a short-term fix to get liquidity moving but I’m not sure that it fixes the underlying problems.
Nonetheless, people continue to have needs and will continue to buy albeit at perhaps a lower level. As marketers we should have our antennae tuned to changing needs and adjust accordingly.
For example, this might be a good time to have a less expensive entry level product or service. It may be a good time to unbundle products or services so that customers can buy what they need or buy sequentially.
It is not the time to stop marketing but it is appropriate to revisit your marketing mix. Measure your marketing results so you can do more of what is working and less of what isn’t. Consider a greater emphasis on less expensive techniques. Whatever the right mix for you, our economy will rebound eventually and those companies that market wisely will reap the rewards.