Articles

Marketing through an economic downturn

By Andie Mercer
Andie Mercer is the president-elect of the New Mexico Public Relations Society of America and also serves as the vice president of the Garrity Group Public Relations.

This guest column first appeared on May 19, 2023 in Albuquerque Business First

It’s been a turbulent three years for business owners in New Mexico. What started with the Covid-19 pandemic has turned into higher organizational operating costs, labor shortages and ongoing supply chain disruptions. To add insult to injury, economic experts are hinting at a possible recession. 

Since marketing is one of the first areas to see budget cuts, here are some ways to position your outreach and messaging that will weather a future economic storm. 

Communication efforts through public relations, digital media and community relations outreach can help organizations grow their share of voice among consumers. In fact, successful campaigns may increase brand recognition; build, maintain and even repair a brand image, build relationships and attract buy-in from key stakeholders. 

These efforts can also help to foster trust, which is crucial for endorsements and repetitive business. Methods of outreach such as securing news placements and leveraging digital media influencers provide third-party credibility and validation. By pushing your message out there through various mediums, you also have the opportunity to control your narrative, strengthening your brand so that it can withstand anything thrown its way.

Additionally, communicating and engaging with consumers on a regular cadence can help build and maintain customer loyalty. The consistency not only keeps your brand paramount, but it helps engrain you as part of your customer’s lifestyle. You become the go-to brand for your product or services, where others aren’t even a consideration. 

During a weakened economy, maintaining your level of communication becomes key. If you’ve set a precedence of regular marketing efforts, reducing your outreach may backfire. It can communicate to your audience base that your business is struggling, even if it is not. Unfortunately, this may lead them to consider other brands.

So, as others make budget-related decisions to decrease their marketing, maintaining and even increasing your messaging efforts will fill that gap. This means that your brand will be top of mind when consumers are ready to spend, potential employees are ready to apply for jobs and key opinion leaders look to endorse your organization. 

As you look for ways to increase your presence, below are three things to consider while in an economy of the unknown. 

1. Identify communications opportunities — With minimal budgets, it’s more important than ever to be choosy with how you spend your money. A communications audit can identify which strategies work best for your company, those that are low-risk opportunities and those that you may want to decrease funds for. 
2. Consider your digital options — Cash is king and always will be. So as you look for more affordable advertising options, consider digital media. Social media advertising, search term advertising and things like developing and distributing a newsletter can help drive website traffic and revenue and require minimal spending. 
3. Participate in local events — Organizations such as the New Mexico Chapter of the Public Relations Society of America (NMPRSA), offer regular educational opportunities for those interested in developing communications strategies and offer networking opportunities with local business leaders at affordable prices. The May luncheon was focused on how to create integrated campaigns and will feature discussions with marketing leaders in an intimate setting. More information can be found at nmprsa.org. 

Keeping your brand and message in front of your customers is simple and cost effective. Determine how your customers like to engage with you, consider your digital options and engage in face-to-face events. Making simple changes now can benefit your small businesses or large organization in the long term.