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Tuesday, December 2, 2008

How can health and wellness marketers make the best of the recesson

"When the going gets tough, the tough get going."

Never thought I'd guote Billy Ocean, but his statement is true. The recession's impacted everyone. Both marketer and consumer are re-evaluating their priorities and their next moves. Both are under pressure to control costs, maintain liquidity and protect their bottom lines.

So how can health and wellness marketers make the best of a tough and lingering situation. How can you maintain or actually build momentum, when many others are hunkering down. In our work with clients, we're focusing on these issues:

1. Stay True To Your Story. Who you are, what you stand for, what you believe in and the benefits you provide are what won you their loyalty in the first place. Now, in the midst of all this turmoil, is not the right time to revise your script. Those who know you best will see through you, begin to doubt you and make others aware of same.

2. Tweak The Value Proposition. Value is certainly higher on the consumer's benefit ladder. Which can be defined as comfort, safety, security, etc. – those benefits that are already built into your value proposition. Consider creative ways to deliver more value at the same price (e.g. more utility, more relationship, more knowledge…). As long as you remain true to who you are, you have permission to evolve the proposition to fit with the times.

3. Keep Insiders Engaged And Positive . Your employees are feeling the strain and pain of the economic situation. Either internally or as consumers themselves, they're anxious. It's critical that you continue to work (and that they can continue to drive) your brand from the inside-out. If there's doubt in their minds about your future (their future), if they don't have a positive frame of mind, it will come through in their interactions and actions. Remember that employees are one of the most essential, and cost effective, components of marketing.

4. Sharpen The Experience. Walk the mall, and you can see who'se generating the traffic. And whose not. Particularly today, when dollars are tight, those brands that create an emotional connection – that make people feel good about themselves and their decisions – that make people feel more connected - in more control - smart or frugal - will win the day.

5. Open Up The Conversation. Enable and share in your customer conversations. Listen to what they are saying. Learn and build on the positives as well as the criticism. And don't ignore or cancel out the negatives when they arise. The more transparent you are, the more their trust and loyalty will come out on the other side.

6. Continue Brand-Building Activities. Study after study has demonstrated that companies that continue to spend through recessions come out stronger on the other side. It's actually a good time to build share of mind as others put on the brakes. And it's more efficient as media should be less expensive and opportunities exist to negotiate surrounding opportunities.

1 comment:

  1. Grrrrrrrrrreat blog!!!

    Don't let the recession get you down. When was the last time you looked at government grants? With the bailout, there is more money than ever. Don't miss out.

    My Grant Blog