We’re all looking for hints and tips on what we can be doing right now to ensure we see out the economic turbulence. Bob Liodice, President-CEO of the ANA (Association of National Advertisers, Inc.) has recently published 10 golden rules to remember when times are tough:
1. Passion And Leadership Are Imperative
The most successful brands are headed up by strong, visible and vocal leaders, who have total belief in the business, the brand, and what it represents. Such passion is inspiring and infectious; it will spread to others in the organization, who then all play their part in ensuring success.
2. Invest In The Brand And Be Courageous
Now is not the time to cut corners. Time and time again, studies show that organizations that increase their marketing spend in a recession are more likely than their competitors to grow their market share, increase their margins, and experience better long-term growth.
3. Let Creativity Fly
Now is the time to be innovative. Customer insights and market knowledge can be used to come up with breakthrough ideas, which might be just the very solution your customers are looking for at present.
4. Develop Trust And Connectivity
Speak to your clients and find out what they need. Connect with them – and certainly don’t abandon them. If you can give them what they need and build their trust, they could become loyal customers forever.
5. Integrate All Communications
Employ a consistent message across a mixture of platforms and channels in order to effectively reach your consumer base.
6. Be Accountable
Now is a great time to measure, review and evaluate your activities to make sure that you’re doing the best things in the best ways. Marketing, market research and finance departments should all work together, and be both responsible and accountable for their actions.
7. Invest In People
Don’t forget the value of your employees – they can make all the difference to your bottom line. Build their skills, build their capabilities, and build their knowledge. Take to time to ensure that they understand and embrace your organization’s philosophy.
8. Trust Your Agencies
You agencies are your ultimate ‘brand consultants’; work with them to formulate strategies, and to develop new creatives and ideas.
9. Strengthen The Marketing Supply Chain
Be aggressive in your pursuit for higher efficiency and productivity.
10. Be Socially Responsible
Your consumers will notice and reward you for ‘doing the right thing’. And, they will certainly notice if you stop doing the right thing. Think about the bigger picture.