In today’s tough economic times, consumers can become fickle. Where you once had a loyal base of customers, tighter budgets have started to motivate brand-hopping based on prices or available coupons. In order to stay afloat in a harsh financial climate, it is imperative to adapt your brand and become an irreplaceable household name for your customers.
Give Your Company a Face
As the Internet causes the world to shrink, potential customers are looking for companies they can make a personal connection with. People prefer doing business with a person they trust, rather than a distant and impersonal organization. Unestablished small businesses can begin attracting brand-loyal customers by putting a face on their company. According to the New York Times, personal branding is the most reliable vehicle for riding out the recession. It establishes familiarity and trust with a small or micro business, and it gives the individual a solid reputation that he can carry with him to future careers if needed. Social media and an active online presence can make your company become more friendly, accessible, and attractive to potential customers
Choose Quality over Low Prices
When spending stalls and the recession seems to gain more power, the temptation is to lower prices and brand your company as a low-cost alternative to other businesses – but this reputation does not create loyal customers. It is easy to compete over prices, and as you lower the worth of services and products in an endless competition, you will lose uncommitted customers who are only looking for an agreeable price tag. Instead, aim to create a brand synonymous with high-quality, impeccable customer service, and innovation. Despite attaching a steeper cost to their products, companies such as Apple maintain a fanatically loyal customer base because people believe that their design and products are irreplaceable.
Let us help you adapt your brand for the current economy. When you join our network of marketers you will receive advice, resources, and connections that will carry you through the recession and into better years.