Seize the Opportunity: Top 5 Strategies to Emerge as a Leader in a Market Downturn
The current state of the mortgage industry appears grim. But this only represents part of the story. In fact, what I’m seeing is like a tale of two cities.
While some companies are struggling, others are seizing the opportunity to capture market share and emerge from the downturn as industry leaders. They’re actively investing in public relations, marketing, and social media to fuel growth.
Several studies, including those conducted during past recessions, reveal that this is a wise strategy.
1. A report by the Harvard Business Review analyzed the strategies and performance of 4,700 public companies across three recession periods (1980, 1990, and 2000) and found that firms that increased their marketing spend during a recession were more likely to outperform their competitors once the economy recovered.
2. A study by McGraw-Hill Research done during the 1981-1982 recession found that companies that maintained or increased their advertising expenditures during the recession experienced higher sales growth during and after the recession. Specifically, companies that advertised aggressively during the recession had 256% higher sales than those that put advertising on hold.
3. A 2020 study by Deloitte found that companies with a strong marketing capability tended to grow faster and experienced better financial performance than those with weaker marketing capabilities. The study found companies with strong marketing had a three-year revenue growth rate that was 10% higher than their peers.
4. And according to a study conducted by The CMO Survey in 2020, companies that invested more in marketing, on average, experienced higher revenue growth rates than those that invested less. This study found that companies with higher marketing investment-to-sales ratios experienced faster growth.
As someone who has dedicated over 25 years to marketing, these numbers don’t surprise me. After all, halting marketing spending during a market downturn is like deciding to stop rowing your boat in the middle of a storm. By continuing to invest in marketing, you’ll reach the shore faster. And when the storm passes, you’ll be in a far better position than those who gave up.
So, what are the top five strategies companies should be adopting right now to gain a competitive edge? Here’s what my experience tells me, and multiple studies agree:
1. Do Targeted Media Outreach
Regularly reach out to industry journalists, influencers, and bloggers. Share newsworthy stories, product launches, and updates with them, which helps your brand gain visibility and credibility, and drives more leads.
2. Use LinkedIn Wisely
Go beyond just connecting and posting on LinkedIn. Learn how to optimize your profile and your posts to boost your visibility and generate far more business.
3. Build Trust and Authority
Develop informative and engaging content that addresses the pain points of your target audience. This includes blog posts, whitepapers, case studies, webinars, and videos. Use your content everywhere—social media, email marketing, on your website and in your publicity efforts. This will help establish your brand as an industry authority and improve your organic search rankings, attracting more potential leads.
4. Take Email Marketing to the Next Level
Execute strategic, well-timed email marketing campaigns that effectively engage your prospects with professional-looking and sounding materials. By reaching out to your audience with valuable content, you can nurture leads and drive sales.
5. Maximize Your Investment in Conferences
Get optimal ROI out of conference spending through strategic marketing before, during, and after the event. Planning and effective execution are critical to ensuring you get a great return on your investment.
The Time to Invest is Now
If your company aims to emerge as a leader from this market downturn, now is the time to invest in marketing and promoting your business. Salespeople alone can’t achieve this. However, be advised that a well-executed, multi-faceted marketing campaign demands experience, time, and commitment to implement it—not just sporadically, but consistently.
From personal experience, companies investing in amateurs tend to receive results that mirror their investment. After all, an investment in marketing is similar to an investment in sales—by investing in quality resources, you are investing in achieving optimal results.
If you’d like to fuel your marketing and sales efforts without the expense of hiring and training additional staff, just reach out to us at Info@StrategicVantage.com. We can supplement your marketing team’s capabilities or serve as your outsourced marketing, PR and social media team. Together, we will help you navigate this downturn and position you to emerge as a market leader.
By Rosalie Berg
Connect with me on LinkedIn to keep in touch.
Did you find this blog useful? Share it with a colleague or sign up for our monthly newsletter.