{"id":142,"date":"2010-08-06T09:25:21","date_gmt":"2010-08-06T16:25:21","guid":{"rendered":"https:\/\/reframemarketing.com\/blog\/?p=142"},"modified":"2010-08-06T09:25:21","modified_gmt":"2010-08-06T16:25:21","slug":"how-to-penetrate-new-markets-in-hard-times","status":"publish","type":"post","link":"https:\/\/reframemarketing.com\/blog\/2010\/08\/06\/how-to-penetrate-new-markets-in-hard-times\/","title":{"rendered":"How to Penetrate New Markets in Hard Times"},"content":{"rendered":"
Recessions are tough times for all businesses, big and small. This doesn\u00e2\u20ac\u2122t mean, however,<\/div>\n
that there isn\u00e2\u20ac\u2122t room for growth.<\/div>\n
<\/div>\n
Here are three marketing tactics that John Quelch, a professor at Harvard Business<\/div>\n
School, suggests for companies facing a challenging business environment:<\/div>\n
<\/div>\n
1) Research the customer.<\/strong><\/div>\n
Instead of cutting the market research budget, you need to know more than ever how<\/div>\n
consumers are redefining value and responding to the recession. Price elasticity curves<\/div>\n
are changing. Consumers take more time searching for durable goods and negotiate<\/div>\n
harder at the point of sale. They are more willing to postpone purchases, trade down, or<\/div>\n
buy less. Must-have features of yesterday are today’s can-live-withouts. Trusted brands<\/div>\n
are especially valued and they can still launch new products successfully but interest in<\/div>\n
new brands and new categories fades. Conspicuous consumption becomes less prevalent.<\/div>\n
<\/div>\n
2) Maintain marketing spending.<\/strong><\/div>\n
This is not the time to cut advertising. It is well documented that brands that increase<\/div>\n
advertising during a recession, when competitors are cutting back, can improve<\/div>\n
market share and return on investment at lower cost than during good economic times.<\/div>\n
Uncertain consumers need the reassurance of known brands–and more consumers at<\/div>\n
home watching television can deliver higher than expected audiences at lower cost-per-<\/div>\n
thousand impressions. Brands with deep pockets may be able to negotiate favourable<\/div>\n
advertising rates and lock them in for several years. If you have to cut marketing<\/div>\n
spending, try to maintain the frequency of advertisements by shifting from 30-to-15<\/div>\n
second advertisements, substituting radio for television advertising, or increasing the use<\/div>\n
of direct marketing, which gives more immediate sales impact.<\/div>\n
<\/div>\n
3) Emphasize core values.<\/strong><\/div>\n
Although most companies are making employees redundant, chief executives can<\/div>\n
cement the loyalty of those who remain by assuring employees that the company has<\/div>\n
survived difficult times before, maintaining quality rather than cutting corners and<\/div>\n
servicing existing customers rather than trying to be all things to all people. CEOs<\/div>\n
must spend more time with customers and employees. Economic recession can elevate<\/div>\n
the importance of the finance director’s balance sheet over the marketing manager’s<\/div>\n
income statement. Managing working capital can easily dominate managing customer<\/div>\n
relationships. CEOs must counter this. Successful companies do not abandon their<\/div>\n
marketing strategies in a recession; they adapt them.<\/div>\n","protected":false},"excerpt":{"rendered":"

Recessions are tough times for all businesses, big and small. This doesn\u00e2\u20ac\u2122t mean, however, that there isn\u00e2\u20ac\u2122t room for growth. Here are three marketing tactics that John Quelch, a professor at Harvard Business School, suggests for companies facing a challenging business environment: 1) Research the customer. Instead of cutting the market research budget, you need […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[339,326,331,338,337,323,330,333,336,329,335,328,322,324,334,332,327,325],"class_list":["post-142","post","type-post","status-publish","format-standard","hentry","category-misc-marketing","tag-adapt-them","tag-big-businesses","tag-challenging-business-environment","tag-do-not-abandon-marketing-strategies","tag-emphasize-core-values","tag-hard-times","tag-harvard-business-school","tag-how-consumers-are-spending","tag-increase-advertising-during-a-recession","tag-john-quelch","tag-maintain-marketing-spending","tag-marketing-tactics","tag-penetrate-new-markets","tag-recessions","tag-redefining-value","tag-research-the-customer","tag-room-for-growth","tag-small-businesses"],"_links":{"self":[{"href":"https:\/\/reframemarketing.com\/blog\/wp-json\/wp\/v2\/posts\/142","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/reframemarketing.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/reframemarketing.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/reframemarketing.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/reframemarketing.com\/blog\/wp-json\/wp\/v2\/comments?post=142"}],"version-history":[{"count":4,"href":"https:\/\/reframemarketing.com\/blog\/wp-json\/wp\/v2\/posts\/142\/revisions"}],"predecessor-version":[{"id":146,"href":"https:\/\/reframemarketing.com\/blog\/wp-json\/wp\/v2\/posts\/142\/revisions\/146"}],"wp:attachment":[{"href":"https:\/\/reframemarketing.com\/blog\/wp-json\/wp\/v2\/media?parent=142"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/reframemarketing.com\/blog\/wp-json\/wp\/v2\/categories?post=142"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/reframemarketing.com\/blog\/wp-json\/wp\/v2\/tags?post=142"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}