We are all looking forward to the time when life starts to return to a semblance of “normal.” The truth? It will take months before business-as-usual is a “thing” again, but it will happen! Now is the time to position your digital marketing strategy so its engines are primed for the market return.
#1 Scale back strategically
This recession hit hard and fast, necessitating a crash diet for many brands. As businesses grow lean as a measure of protection, take the time to think wisely about the systems you have in place. The commercial real estate industry can survive the recession and rebound if we can responsively scale. Look at your workflows, job descriptions, and tech choices. Ask:
Is everything as efficient as it could be?
Could a different method or outsourcing actually gain you more bang for your buck?
Can the systems easily adapt and grow when you’re ready to expand again?
Consider the answers when you’re cutting and reallocating your budget.
#2 Keep thinking ahead
Don’t stop your long-term planning. Brands that think about the future are more likely to weather the storm. Have a plan for where you want to be when businesses start to reopen, and people resume work. Get the pieces into place now. By looking ahead, you’ll find competitive opportunities missed by those with their head in the sand focused on preserving and protecting.
#3 Reconsider your marketing segments
Strategic marketers place their contacts into segments for more personalized marketing. In a recession, it’s wise to rethink those segments as people become more conservative with their spending dollars. Some people take a “live-for-today” approach and keep businesses as usual, but they are a small minority. Many more will curb their expenditures. Look at this deeper dive on consumer’s psychological profiles during a recession.
#4 Be ready to prove your value
You’re in business because you have something of value to offer the CRE community. Now is the time to lean hard on those values and be ready to back up those words. The proof is in the pudding, so to speak. If you are a tech provider promising cost-savings and efficiency, use marketing to prove how investing their dollars in you makes cents for them.
#5 Keep optimizing
Be ready for consumer behavior changes as we creep away from the shelter-in-place mandates. Society’s habits and digital consumption are definitely going to be different, but how much? What new digital routines do we keep, and what is pruned?
Stay tuned into your digital marketing data to see when habits are swinging. Keep updating your marketing campaigns accordingly. Even lean on AI to optimize some of the work so you stay as responsive as possible with your messaging.
Now is your chance to grab opportunities, expand your marketing, and be visionary. You can come out of this recession stronger than before. Consider some ATYPICAL help to make it happen.
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