Sounds strange doesn't it? But it is true! A financial downturn is the perfect time to build your brand and reinforce it with your target demographic as well as expand your audience. It may sound counter-intuitive but when people are not spending money is usually the best time to get them to learn about who you are.
Let me explain.
In a time of tight finances people are far more wary about what they spend their money on. It is a very logical and financially responsible thing to do. However, from a business perspective that kind of thinking is the perfect mentality required for brand building. People are studying products more intensely than they normally would simply because they want to wisely spend their hard earned dollars. So, you as a business owner should be pumping your brand more and working harder to make your presence know people will study your brand more intensely when they are watching their wallets.
You should focus more of your energy and dollars on building the public awareness about your product and it's existence. With people focusing so intently on each and every little thing they buy, you should take advantage of that mentality in your advertising and marketing plans.
If you're not involved in social networking this is the perfect time to get into it. Let people know you're out there and you offer a fantastic product or service they can keep in mind once things get rolling. If someone sees your product and studies it more in-depth than they normally would you have a rare opportunity to gain a foothold in their conscience and become a brand they are familiar with when the financial tides turn.
I often advise new companies to launch new products and ad campaigns during financial downturns simply because people are more likely to study your product and collateral than they normally would. It most likely won't translate to immediate sales but you will see them when people have money to spend. Don't think you have to stop or even cut back your advertising and marketing, just take a different approach and take advantage of the mindset of the market.
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