7 Ways to Build Your Brand in Tough Times

Building a brand in difficult economic times can be, believe it or not, easier than when things are great. When everything is hunky dory, people tend to continue doing what they’ve always done – buying the same products and services where they’ve always bought them. This could be due to brand loyalty, but it could also be due to inertia; lack of time, energy or other motivations to make changes. Change is always more difficult than maintaining the status quo.

In times of economic stress, people look for ways to change their habits in order to do more with less; they want to accomplish the same things without changing their lifestyle too dramatically. But cost is not the only motivating factor.

If the relationship between brand and customer is like dating, then this economy is the junior high school dance where everyone stands sheepishly segregated by the punch bowls afraid to risk rejection or look foolish trying to match their feet to the beat. Home foreclosures and property devaluations skyrocketing consumer prices and an uncertain economy make customers less confident. While business may be locking in some clients who will stay with “what they know,” it may also be the opportunity to be bold and win over motivated clients looking for different business alternatives.

This is the time to seek out those clients and customers looking for innovative, efficient and cost-effective changes in their lives and their businesses. These customers are open to new products and services, but they are also looking for products and services they can still trust and share the same values. In uncertain times, quality, consistency, dependability, honesty and the core values of the company all take on a greater importance.

So how can a smart and gutsy vetrepreneur build brand and market share during this economy and prepare for even greater success when things get better?

1. BE STRATEGIC – if you’ve already started building a strong brand and have a good following, don’t change direction out of fear. You’ll lose your core customers and your unique positioning. If you have to change some tactics, so be it. But stay true to your original mission.

2. MANAGE CASH – to borrow an expression from some smart business school professors, profit is like food, cash is like air. You can stay in business without profits (the airlines are a good example of this), but not without cash.

3. BE ACQUISITIVE – you hear people saying that “Now that the stock market is down, it would be time to buy stock, if only I had the cash.” Well the same is true for businesses. If you can get some capital together, you may be able to acquire a competing business or purchase important assets or hire available talent for much less than you thought.

4. MAKE IMPORTANT CHANGES – now is the time to institute best practices, reign in spending, get rid of “lazy assets” (equipment, real estate or people that are underperforming and costing you money) and improve efficiencies. No one will argue with you. Also, look for non-competing partners to share the cost of advertising. You will both benefit.

5. MAXIMIZE YOUR PRESENCE ON THE WEB – shift some or all of your marketing tactics to the Internet. It’s cost-effective and reaches a wide audience. You can track your results and make adjustments on a daily basis.

6. TREAT YOUR PEOPLE RIGHT – make them partners (figuratively speaking, of course) in weathering the storm and in the success of the company. Talk to them openly about the need to help get the business through a difficult time. They know their own jobs may be at stake, so ask for suggestions for creative ways to adapt.

7. BE TRUE TO YOUR BRAND – stay focused on meeting the expectations of your customers, vendors, partners and employees. That is how you will preserve the trust you have built and how you will thrive beyond one economic cycle for the long haul.  

Written by Andrea Fitting

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