The business landscape in Australia is always changing. The only thing business Owners can be sure of is that we can’t really be sure of anything. But we already know that. And we’ve learnt to adapt.
However, current circumstances (both locally and globally) have created an especially unpredictable environment for Aussie businesses. Many factors are in play right now, including:
- Fluctuating real estate prices
- Low support for our current Prime Minister (following a period of leadership turmoil)
- Major public transport projects underway or planned in several capital cities (e.g. Sydney, Melbourne, Brisbane)
- Fluctuations in the Chinese markets and consumers fuelled by our reliance on this market
All these elements, and others, have created a veritable cocktail of uncertainty. Business owners are anxious. Company boards are feeling conservative. Entrepreneurs are hesitant. Nobody’s sure when the market will bounce back and economies will be more buoyant.
Sustainability is essential everywhere right now. This is just as true for marketing as it is for government spending or the environment. When promoting your brand during uncertain times, being sustainable is smart. Here’s why:
Spending Habits Change
In tough times, consumers are sometimes forced to re-evaluate their budget and lifestyle. If your product is a necessity like bread or medicine – great! You probably don’t need to worry too much. But most businesses sell desirable (not essential) things that can be cut down or eliminated if a consumer feels pressured to do so.
When the future is foggy and people are likely to spend less frivolously, sustainability is crucial for your marketing. You need a long-term strategy that plans for potential dips in demand with marketing practices that will remain profitable and keep driving sales.
Key Tips for Making Your Marketing Sustainable
- Develop an over-arching, comprehensive strategy for your marketing and communications (ensure this plan includes long-term goals that are practical and achievable – even if external factors don’t cooperate).
- Within your strategy, create regular mini projects that are guaranteed (or highly likely) to deliver quick results.
- Prioritise your digital marketing strategy so that no online opportunities pass you by.
- Deliver sales and strategy training to key people in your business.
- Create and distribute helpful content (e.g. via a blog, email newsletter and social media) to address concerns for consumers and keep your brand top of mind.
- Tailor your key messages of your marketing in response to current economic conditions.
Remember: If a shift in the economy would cause your marketing efforts to collapse or become unprofitable, they’re not sustainable. And that means something needs to change. Get in touch with our experts and we’ll help you make this happen – sooner rather than later.