If you are responsible for your web site's recession marketing, you need to decide if your going to take an offensive or defensive stance -- i.e. take advantage of competitors' weaknesses or just try to survive?
If you're on the offensive where does the opportunity lie, for example building market share, innovating or promoting your reputation for quality. If you're on the defensive which option, like price cutting to maintain volume or cost cutting to maintain margins, best suits your survival strategy?
As a practical measure, whatever your plan, a recession-proof website must transition from messages about luxury and hi-status lifestyles to ones of efficiency and value at the earliest.
Comments (2)
You're right about the "transition from messages about luxury and hi-status lifestyles to ones of efficiency and value".
Sadly, most banks and building societies are still working on the old assumptions - banks are safe, people will save, things will get better.
As we have witnessed over the past years, nothing could be further from the truth.
The un-acknowledged effect of the catastrophic nose-dive in all the world's economies is that people no longer believe. Anyone with money is getting it out of banks and into something more tangible than a promissory note, which is essentially what the banks offer.
And while it's true that the public crave efficiency and value, these come a poor second to safety and consistency. Who will give anyone (say) £300k in the knowledge that if it all goes pear-shaped, you'll get a guaranteed £50k back?
It's all very well the value of the pound plummeting, but supposedly safe hands squandering your hard-earned on futures or currency speculations is another kettle of fish entirely.
The main problem the banking industry faces is that, for many, the scales have fallen from their eyes, and it will take a sharp marketing mind to find a new tack for corporate websites.
Posted by Hugh Murphy | November 25, 2008 11:17 AM
Posted on November 25, 2008 11:17
As a further comment, I would suggest that the first strategical move would be to re-assess your market.
Now, anyone with any sense knows that this really means "lead your market by the nose in the new direction you have chosen".
Watch out for a new wave of cynicism and glamour.
Look at the way green issues have been co-opted by the supermarkets, for example, to get an idea of where these new directions may lie.
Posted by Hugh Murphy | November 25, 2008 12:54 PM
Posted on November 25, 2008 12:54