What the Last Recession Taught Marketers About Coming Out on Top

This year marks the 10th anniversary for Approach Marketing and the current economic climate is eerily similar to that of 2010 when we opened our virtual doors. I’m naturally reflecting on the business lessons I took away from that time to adapt to this global crisis.

What I’m noticing is an industry trend that goes against everything we learned during the last recession.

Many brands are halting in their tracks, indefinitely postponing their programming until the situation becomes clearer. AdAge is reporting that at the end of this first quarter, nearly half of marketers have pulled (45%) or delayed (49%) their planned campaigns.

Yet, what we heard loud and clear last time was that brands that maintained or grew their marketing increased sales and market share during the recession and afterwards (Forbes).

I get that this feels counterintuitive, but I would argue this principle is even more relevant in 2020 because during this period of home-isolation, consumers have few places to turn beyond the media and their smartphones. We have their attention.

People are craving content and departures from the 24/7 breaking news cycle. One study found a 76% increase in daily accumulated likes on Instagram #ad posts by influencers during the first two weeks of March.

Simply put, going dark right now can create a larger hill for brands to climb when this crisis ends. We can and should capitalize on compelling historical data to guide current marketing strategies.

Here are five things marketers should absolutely do right now to avoid missing a beat:

1. Quickly rethink marketing messages.
   Whether working with an agency partner or not, brands need to communicate something right now. Across the board, companies must adapt what is being said and to whom. This includes the way mission statements, services and even hours of operation are being communicated. Understandably, this takes some time to work through, but in a rapidly changing situation, these adjustments need to move swiftly.
   

2. Embrace the human element.
   Now is an appropriate time for brands to personally reach out to their target audience. During this incredibly vulnerable moment in society, it’s essential for brands to share authentic content that meets their audience where they are and addresses the way people are feeling. We're all so anxious and emotional and going through these ups and downs together. When it comes to social channels, organizations should continue following the rule of thirds, meaning two-thirds of a brand’s content should be dedicated to building relationships leaving one-third for self-promotion. And remember, communication doesn't have to be serious. This can be lighthearted and in the form of a meme or just sharing inspiration or information.
   

3. Find new ways to build relationships.
   With brick-and-mortar doors closed and events cancelled, there are still plenty of ways a brand can win the hearts and minds of their customers. This goes beyond selling products. From highlighting philanthropy to hosting virtual events, those who remain top-of-mind by maintaining relevancy and true human connection will win.
   

4. Prioritize grassroots tactics.
   When marketing budgets are scaled back, it’s time to get scrappy. We’ve long believed in the power of hyperlocal marketing to rally a community. Now’s the time to turn to efficient programming like social media advertising, influencer engagement and brand storytelling at the granular neighborhood level. For example, we’re using influencers and shoppable Instagram ads to inspire digital grocery shoppers to add specific items to their carts and try them in new recipes. We’re also working with restaurants to do food drops at media stations or healthcare facilities.
   

5. Maintain consistency.
   Many professionals are juggling work, childcare, schooling and households. It may be more difficult than usual, but consistency leads to recognition. And recognition fuels loyalty. Brands can't go dark right now or they risk losing that loyalty. The last thing people want is to lose connections with the brands they follow or the products and services they adore and trust.

It’s important to remember that this situation is temporary. As a result, marketers need to pivot rather than pause.

Our team is ready to help. Contact us at hello@approachmarketing.com to rethink how you can connect with your customers in this turbulent time.