Increase Budget and Focus on Brand – NOW
Say what!? Increase my budget right now, you say? Yes!
That’s the trend among larger and more aggressive companies, and we’re seeing that work for our mid-sized and even small business clients that can be open during this time. Marketing Week recently published an interview with Kraft-Heinz’s CEO, Miguel Patricio, on this very topic. Patricio said,
“It’s our intention to keep the investments on our brands. And even evaluating right now, if we shouldn’t even put more to create the momentum, and especially to keep the penetration that we are seeing, the increase in penetration of our brands with our consumers.”
Here at CrowdSouth, we’ve been reading and researching this topic frequently to ensure we’re providing the best advice to our clients. We know that each client’s situation is unique, and each strategy must be formulated in a way that resonates with your particular customer base. But, generally speaking, we see the businesses with more forward thought on brand building, customer loyalty, and honing in on high margin products.
We believe this path will provide a built-in and eager-to-spend customer when the public starts to open their wallet again. Fear will play a much more significant role in the buying habits of consumers over the next 12 months, and ensuring your product and services are seen as trustworthy, necessary, and reliable are more crucial than ever. A business must either pull back from its “lead generation” campaigns right now and focus on brand building. Or, bolt-on a brand-building campaign to the existing lead gen work. This will further ingrain in the consumer’s mind that your brand is with them through this and will be ready to help when this is all over.
We all know that one of the most powerful factors in selling is TRUST. Don’t just ask for their money right now, build their trust, so you can retain that customer through tough times, and build a life-time-value that will pay you back exponentially. If we can assist in any way, reach out! We’d love to help.
By Jason Heflin
Jason Heflin is one of CrowdSouth’s owning Partners and brings years of marketing experience from his past lives as a corporate marketing manager, writer, and freelancer. He also plays the ukulele for fun, which is cool.