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Branding tips to keep recession at bay

Written by Ian Sutton, Director of Milestone

Monday, 11 August 2008

Ian Sutton outlines ten ways to recession-proof your business through your brand.

While everyone’s talking-up an economic downturn, businesses need to stay positive and proactive to maintain success.

Many businesses underestimate the potential in their brand. It is a powerful and valuable asset that can deliver on many levels: customer loyalty and advocacy, competitive advantage, higher perceived value, point of difference, employee motivation and of course, a driver of sales.

Milestone believes that branding begins at home. Inspiring and motivating your staff should always be a prime objective before launching any new customer campaign. So much internal marketing is like wallpaper.

At best people barely notice it. At worst, staff see it as a short-term tactic or corporate doctrine to further complicate their lives.

To be successful, it is about involving people, demonstrating that they are the brand and giving them a reason to believe in the success of the business.

We must remember that brand strategy is about engaging hearts as well as minds – getting the balance between the rational and emotional triggers that make us want to part with our cash.

There is much talk about a slowdown in the economy, but from experience we know that many businesses continue to thrive and prosper through the worst of recessions.

It can be an opportunity for growth, for those businesses who are smarter that the rest and take control of their brand early on.

Here’s ten ways that businesses can improve their fortunes through effective brand strategy.

1. Deliver your brand experience like nothing before

If your business is slowing down, you can’t afford to lose any customers. Analyse every aspect of your customer’s experience throughout the life-cycle of a sale.

Creating a memorable, joined-up experience should do more than just keep your punters happy – the positive word of mouth generated will help attract new customers without costing a penny.

2. Reinforce your value message

Many brands promise to deliver value for money, but in times of plenty these messages can easily get sidelined. Now could be the time to reinforce this aspect of your brand and bring it back to the top of the agenda.

3. Change

If you’re failing to engage with customers in a shifting economic environment, be bold and change your brand’s positioning. Don’t be afraid to change, be seen as an innovator.

4. Build your brand and win more customers

As other businesses batten down the hatches it could be time to go out and win their customers.

5. Rally the troops

Keeping your staff well-motivated and super-productive, through compelling internal marketing, will increase revenue and help weather lean periods. Make sure they are well informed at all times to ensure commitment.

6. Be confident

Brand leadership needs a clear, confident strategy to maintain success and to remain fixed on your customer’s radar.

7. Aim higher

Some sectors always have money to spend, whatever the economy is doing. Maybe it’s time to re-think your target audience.

8. Show some passion

Enhancing and emphasising the emotional promise your brand delivers (how you make people feel) can help lock-in customers for the longer term.

We all need nourishment for the soul and will continue to pay for the good stuff. Be passionate in everything you do.

9. To focus or diversify?

Now could be the time to extend your brand into new, more fruitful avenues. Conversely, it could be better to narrow in on core activities/markets. If your market is changing, staying the same is not an option.