Brand difference in economic recession

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The periods when economies are most sensitive are undoubtedly recessions and depressions. During a recession, there is deflation and brands and companies are forced to reposition. They have to develop some strategies according to the conditions of the times. Companies need to evaluate this process well in order to save the future of their brands.

Companies, like individuals, are trying to save during this period. Every organization and every individual takes some necessary precautions to save the situation. As individuals reduce their expenses, companies also feel the need to reduce their expenses, such as marketing, advertising and promotion, which have long-term returns.

In fact, companies should view a recession as a period of preserving their positions, not a period of downsizing. In other words, in this period when everyone is nervous and does not dare to take risks, companies must continue to take action and maintain their position. Because restrictions on pricing, promotion, advertising and marketing strategies may lead to the loss of customers in the future. For example, even though they are very popular brands, some brands continue to advertise without interruption. These brands actually don’t need to introduce themselves. The purpose of a well-known brand in advertising is to stay on the agenda and maintain its position in the minds. This means leaving no challenge to your competitors.

Although prices saved their costs due to the economic recession, exploiting the situation and betting on high prices will have negative effects in the future. Because the consumer will not forget those who were with him in difficult times. Brands that keep prices stable or even seek discounts will be consumer champions during the recession and into the next and will create a strong relationship with the consumer. Gaining customer empathy will increase brand value and will have long-term returns for the brand.

Brand name is also an important element for consumers. If the brand name is old, it will create loyalty that will last for many years. In other words, the brand and its consumers will merge. The fact that the brand name appeals to the target audience phonetically and semantically will make the brand name very powerful compared to its competitors. It will create an emotional bond. The fact that the brand name is strong and appeals to the emotions of the target audience will play a major role in brand loyalty and the brand in question will remain preferred even when the economy is going through a bottleneck.

The ability of brands to survive through good times and bad depends on investment in brand and promotional strategies. The more investment in the brand, the more valuable the brand will be and will remain strong even in turbulent periods. A strong, different, global and increasingly valuable brand will always provide an advantage to its owner.

bykanber@bykanber.com.tr – 0530 662 44 08