Recession marketing

As we approach the end of 2020, it is time to look forward and start planning for a recovery year.

Let’s not dwell any longer on the difficulties that 2020 has thrown at us, which have affected nearly every industry, business and brand across the world.

Now is the time to switch our mind‐sets, put our head above the water and don our optimistic hats.

Get ready 2021, here we come!

I recently saw a quote on social media: “Being positive in a negative situation is not naïve. It’s leadership.”

As an engagement expert, and more importantly an agency leader, this statement resonated with me. I am a glass half‐full individual and so it got me thinking about how businesses can really create some positive results that are here for the long‐term.

This is where recession marketing kicks in.

Investing in marketing

According to YouGov 83 per cent of people expect the economy to contract in the next year. The good news is that from years gone by and past recessions we have the data that shows how brands that invested more in their marketing during recessionary periods grew significantly more market share than those that contracted spend.

The importance of brands investing is clear, but it’s also wise not to just throw your reduced marketing budget at the wall and hope for the best. Consider your business objectives and develop a marketing plan that will work for both your budget and goals. Prioritise where your largest investments should be and don’t give up on those areas that didn’t happen in 2020 – make sure you secure those budgets.

Your industry exhibitions may have been cancelled in 2020 due to Covid‐19 but they will most likely come back harder than ever in 2021 and brands, customers and buyers alike will be hitting the shows with vigour.

Persistent brand engagement

Any good marketer knows how to engage with their audience, be it employees, customers or partners. Brands are very good at talking the right language and investing in marketing where necessary.

But as an agency leader that specialises in brand engagement, I see all too commonly these marketing activities happening in isolation, meaning they often lack the degree of joined up thinking necessary to drive positive, long‐term results.

The key is not to launch a customer incentive campaign that you’ll only run once. The effectiveness of a partner programme will not be seen if it is only live during peak period and ceases until the same time the following year. Channel partners, distributors and resellers will quickly switch to a competitor product if you do not keep your brand front of mind with incentives and rewards.

It is paramount that persistent, on‐going engagement is key to generating positive brand exposure, repeated customer purchases and retained brand advocates. Be consistent, and be steady with all your content, social and marketing activity to truly thrive in a recession.

Investment in employee engagement

As we turn our backs on 2020 I’m sure there are many households up and down the country who have gained a branded Keep Cup, acquired a wellness pack or even received a JustEat gift card for ordering their favourite takeaway.

Many businesses have done a fantastic job at supporting their staff, reaching out when times have been tough, and pulling together on what has at times felt like endless Teams and Zoom calls.

2021 should be no different in terms of investing in your employees. Okay, the branded merchandise might stop, and the focus on food and wellbeing may reduce as we get out and about more, but it’s really important for brands to continue to focus on their employees.

Be they direct or indirect employees, continued engagement of a high level will be necessary to keep the business operating at its optimum, and to thrive in recessionary times.

Many employees may find themselves with fewer colleagues on hand and roles stretched as businesses reduce staff levels and resource.

Maintaining positive employees will be key in achieving business goals and objectives for what is certain to be a tough recovery year for us all. Reflect on how effective your employee engagement strategy is, perhaps it’s time for a refresh of internal comms or to shift focus to digital rewards for immediate recognition.

More brands than ever operate on a global scale, so whatever your employee engagement strategy, it needs to cover all corners of the world – with relevance and effectiveness.

Whether you are a marketer, HR manager or sales director it’s important to remember you’re not being green to think optimistically about next year – it’s leadership. Maximise the tools and strategies available to you to hit the ground running in January.

Until then, kick back and enjoy a glass of wine and a mince pie – you deserve it!

M&IT Experts: Clare Bingham is the engagement and operations director at FMI. She has worked in the incentives and events industry for more than 15 years.