How to stand out and thrive in a downturn
|Posted by Greg Farrett on December 5, 2019|
What’s the best approach to communicating in uncertain economic times?
Following a decade of near uninterrupted growth, we may be on the verge of another downturn. With the lack of Brexit clarity impacting long-term investment in the UK and Europe and the potential for a US-China trade war providing a global dark cloud, these are uncertain times for all. While companies may well have better contingency plans in place than at the time of the last financial crisis, numerous companies will still be caught off guard.
Some businesses may be considering trimming back on their communications strategy before we settle in on choppier economic waters. These types of cutbacks are a mere short-term fix. While cutting back on marketing communications may well benefit your quarterly bottom-line, as time wears on your company will become less prominent in the public domain. A short-term approach to trimming back on communications will have long-term implications on loss of voice and market prominence. In time, you may start to find competitors ebbing away at your dominance.
Standing out in uncertain times
So what’s the best approach to communications in uncertain times? Here’s a few platforms to explore that will help your company stand out:
- FOCUS ON VALUE: A downturn can actually spell opportunity for great technologies. When you think about it, industrial technology is there to make life easier for your customers. Amid growing calls for efficiencies, think about how your product or technology will help to boost their output and overcome nagging issues within production processes or enhance the appeal of their products. Where can it help your customers save money? How can it add value throughout the supply chain?
- YOUR GREEN CREDENTIALS: Nowadays you need to “be seen to be green” and substantiate this with proof points. An economic downturn could well hog the headlines, but the debate around sustainability will not go away. As a result of intensifying consumer calls, industry players will continue to push their suppliers to lower their carbon footprint and detail why their product can fit within a circular economy. This is your chance to showcase your credentials and the sustainability benefits that your technology provides for customers.
- HIGHLIGHT YOUR HERITAGE: Many of the key industrial technology players have been around for years and survived tough economic environments on countless occasions. They have done so by prioritizing innovation and adopting a customer-centric approach. How do you look back at the history and evolution of your company and its core milestones? Where have your flagship products and technologies revolutionized the field? Done well, heritage-themed communications will help ensure that your product remains in the mix. It may even help you pick up some new customers on the way.
- STAND UP AND BE COUNTED: If you are a newer player to the game, think about how you can and will change it. How is your technology capable of disrupting and revolutionizing your sector? Where does it fare better than the status quo and how will your innovation pipeline play out so that even further gains can be made going forward? It can be a crowded field, but there’s always room for a genuine innovator who can disrupt the established order.
- LOOK TO THE FUTURE: Stay optimistic in your marketing communications. Remember that the world may have changed following the last global downturn in 2008, but things did eventually pick up. Peaks and troughs are to be expected, but the great industrial technology firms have a longer term vision. By adopting a marketing communications strategy built on trust and reliability, you will reinforce the message that you are there for your customers regardless of the current economic environment. Give a taster of your development platforms and R&D pipeline and exude the confidence that your company is in this for the long haul.
EMG: Supporting customers for the long haul
A comprehensive marketing communications strategy that is built around a strong messaging backbone will help your company stand out, regardless of the current economic environment.
Whether you are an industrial technology company with decades of heritage or a game-changing disruptor, EMG is there to help give your message real traction. We have more than 25 years of experience in this field and our customer partnerships have proved time and again that we can work together for long-term success. Our motto is: “keep calm and communicate on”.
Contact us today and see how we can developed a targeted campaign to optimize your messaging and marketing communications strategy.