Let the Music Play: Why You Need Content Marketing Now More Than Ever
Henry Ford once said, “A man who stops advertising to save money is like a man who stops a clock to save time.”
Sure, he wasn’t very gender-inclusive, but the point is well made. Slashing your marketing budget may seem like a good short-term decision during a crisis, but it’s not necessarily a smart play for the long term.
There’s an old saying, “ When times are good you should advertise. When times are bad you must advertise. “
There’s a lot of obvious negatives to a recession. Consumers both have less real (and perceived) spending power. They also have a different set of priorities — there’s a shift in their attention real estate. So what does that mean for your brand?
It means you risk losing share of mind with your consumers and ultimately, revenue.
However, because everyone is getting a little (a.k.a. a lot) shaky amidst a recession, this also presents a number of unique opportunities.
Why a recession is a great time to advertise
First, the general noise level of advertising is low. As other brands slash their budgets — either unwilling or unable to compete, it’s much easier to obtain the spotlight. As other brands lose share of mind, you become positioned to scoop it up.
As a byproduct of this lack of competition, marketing is generally cheaper during a recession. Fewer buyers means it’s a buyer’s market.
So it’s a great time to cost-effectively increase your share of voice and increase your share of attention, which generally leads to an increase in revenue.
Here’s a great example: During the ’91 recession, McDonald’s lowered its advertising budget to save money. Pizza Hut and Taco Bell took advantage of the situation and upped their budgets as a response. According to a MarketSense study , Pizza Hut and Taco Bell sales increased by 61% and 40% respectively. McDonald’s sales declined by 28%. (That’s no happy meal.)
You can also consider this time as an opportunity to try out a new value proposition for your audience — one which is either new to the brand or perhaps new to many consumers, but which answers the specific needs of the day. In the gas crisis of the early ’70s, brands like and penetrated the North American market by toting the fuel efficiencies and reliability of their vehicles and drove away as winners.
Finally, consider it an opportunity to project confidence to your consumers. While that might not seem powerful at face value, consumers feeling that they still have a trusted brand they can turn to may be enough to sway their purchasing decision.
Why digital content is your best bet
Advertisers are starting to cut back on how much they spend in the digital space. Again, presenting openings for your brand to steal a share of mind.
But it’s not just that advertisers are dropping out. It’s that media consumption is on the rise. Neilson estimates that when people stay home, their media consumption rises 60% . (I don’t know about you, but my Netflix binging is at an all-time high.) This presents numerous new opportunities to interact with your audience.
So, reach is cheap, competition is low and demand is high. Why not just do traditional advertising?
Because it’s still 2020. Audiences expect high-quality digital content and they will find ways around ads to get it. About 30% of internet users now use ad blockers . It’s one of the reasons that marketers were pulling out of the digital space, even before the recession.
You have to offer value to break through. At Newsworthy , we often refer to the ability to offer value through content by focusing on at least one of the “Three Es” (engage, entertain, enlighten). They’re three things that people need now more than ever.
Give them an E, or three
So many brands fail at digital content because they simply can’t get behind the notion of giving an audience more than they receive. But in the middle of a global crisis, there’s no better time to figure out how you can help someone.
When creating engaging content for your audience, remember to keep it real and focus on what your consumer’s needs are.
If you’re entertaining them, remember that people still need reasons to smile (the bar is very low right now), fun ideas to share with their friends and ways to keep busy and maybe entertain themselves while stuck indoors.
If you’re enlightening them, keep the conversation going. Information is empowering and if you can keep that information flowing, your audience will begin to know you as a trusted source and overall valuable presence in their lives.
The old marketing model of asking more from consumers than you offer them has been on its way out for a while now. This is the perfect time to reaffirm your value proposition to your audience, give them more than you ask from them and earn their trust and support.
Though we may be physically apart right now, there’s never been a better time to connect.
Originally published at https://wearenewsworthy.ca.
