The last few weeks has seen a slowdown in the Sydney, and Australian, property market, with news across the country reporting slowing auction clearance rates and property on the market for longer than has been seen in the past few years. While the property market has been hot for a while, what about other industries that don't operate during such booms?

It’s during a softening and quieter market when sales are slow that real marketing needs to go to work.

So how should you approach marketing spending in times of financial challenge?  When things get soft, what is the best action to take?

  1. DO NOTHING
    One of the first actions to take is not to take any immediate action. It’s time to review your marketing strategy and budget, don’t panic and make any rash decisions. Review all the data you have available to you – sales data, website traffic, leads, engagement rates via social media etc – to make strategic decisions about activities and budget that will continue to deliver even in a quieter market.Tougher economic times may mean reducing your marketing budget and refocusing your effort on maximising return on investment.

  2. REVIEW BUDGETS, DON’T JUST SLASH THEM
    The first loser in a quieter market is generally the marketing budget. However, in a quieter market, good marketing is even more important than during prosperous times. Your marketing needs to deliver more cut-through, clearly and succinctly communication your corporate key messages and differentiate yourself from the competition.

  3. SEIZE THE OPPORTUNITY
    As the market slows and your competition cuts their operational costs and reduces their customer visibility, you have a unique opportunity to increase market share increases. However, you need to act with logic (not emotion), using a clear strategy and be ready to pounce quickly on opportunities as they arise.

  4. GET CREATIVE
    When times get tough, it’s time for businesses gets creative. Just because your marketing has always relied on certain channels and marketing tools, doesn’t mean it’s the only approach to take. Be creative with how to approach your marketing to more clearly communicate with your customers and gain a connection with them.

If you want to have a competitive advantage when the market gets soft, stay calm and get clever.  Marketing and selling in a difficult economy requires a different approach than during a more prosperous economy. It’s challenging, but not impossible.

When the market get quiet, it’s time for real marketing to go to work. Icon Visual Marketing is a full service sales and marketing agency who work closely with clients across a range of industries to deliver marketing that reaches your next customer.