Marketing Strategy in Recession - Top 5 Brand Attributes Your Business Must Have to Survive
Marketing in a Recession
Marketing in a RecessionWith the network marketing business as well as other home based business systems having to deal with highly competitive markets both due to over saturation and the current economic crisis, developing a smoking hot brand can be extremely tough. However, with the right marketing strategy in recession, your business can be poised to take over the market share while others make cut backs.
Branding
No, I don't mean like with red-hot irons, ouch. I mean your business brand, how you set yourself apart from your competition. Your business' brand attributes are emotional or functional associations made by your leads and customers. Brand attributes can be positive or negative and always has a huge impact on your overall sales growth. While others may be ignoring this marketing strategy in recession, I think it's one of the single most important elements for success.
Five Must-Have Brand Attributes
Inspire - Does your brand inspire its customers or leads? If not you're likely wasting your marketing dollars. Without a brand that grabs the attention and imagination of its potential customers it has no chance of surviving. Determine what your brand can provide to a consumer's unmet needs or how it will provide better results than competitors who may have already disappointed the consumer.
Unique - Your brand must offer the consumer clear explanation as to why your product or business is unique and why it's worth doing business with you as opposed to the three other guys in town. Since I'm sure (I hope) that you're always working on your USP, or unique selling proposition, this brand attribute should be already well defined.
Appeal - Of course your brand should clearly outline the appeal factor of your business or product. Without being appealing, you're really not likely to make many sales.
Trust - Absolutely a must, if your potential leads or customers don't feel that you or your business is something they can trust they'll likely walk away. Remember that today's consumer is a little more skittish about spending money because of our current economic crisis. Offer an honest and personal touch as today's consumers no longer respond well to the hard sell approach.
Relevance - By approaching your business' relevance to the consumer's lives, you can overcome some of the most common obstacles such as cultural influences and economic hardships.
Recession Proof Your Business
Using the marketing strategy in recession to develop a more effective brand is just one of the steps needed to truly recession proof your business. You will also want to learn everything you can about our current economic crisis and how that can impact your business' stability and your financial future.
In these difficult financial times, many people need to develop a new
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Marketing Strategy in Recession - Top 5 Brand Attributes Your Business Must Have to Survive
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