Have you ever heard self-help gurus talk about building an “emotional bank account”? Basically, you invest enough positive interactions with loved ones so that when spats occur you’ll have a basis of trust and caring to buffer the relationship.
The same can be said for keeping your brand strong. You need to maintain a strong brand bank. By brand bank, we mean investing in brand recognition and customer relationships. This is particularly important when economic times are challenging.
We know the instinct for some marketers is to curtail advertising and promotion. You may even be faced with mandatory budget cuts. Not continuing to build brand recognition and customer relationships during a recession, however, puts your long term potential in peril. Your brand bank becomes depleted. You risk losing customer mindshare. Then, when the economy turns around and people have money to spend on their brand or services again, they’re susceptible to your competitors’ overtures and you’ve lost your customers’ loyalty.
Luckily, promotional products provide many cost-effective ways to sock away some brand clout. A few examples:
Offer highly valued customers a regular discount with an inexpensive imprinted “Key Customer” keychain. Those who visit your business, showing their keychain, receive a 10% discount on products or services.
Host a customer appreciation event, providing useful information to help attendees get more out your products and services. For example, a mechanic might teach customers about the better mileage they get from their cars with regular oil changes, therefore saving them money on gas. For less than $1 per piece there are wallet-sized calendars that can be imprinted as a reminder for regular service.
Check in with clients you haven’t heard from in a while to show that you care even when they aren’t spending money with you. Keep the message positive. A note with a pennies-per-piece jar opener might read, “Our doors are always open for your service needs.”
Retailers can give out small cardboard or plastic banks with the slogan, “We’ll help you save on things you need” to highlight specials and price reductions.
Give us a call and we can help you continue to build your brand bank so that you come out the other side of this recession stronger than ever.
P.S. Can't find a PMS chart? Here's one on our web site! Just click on the "Pantone Color Chart" link on the left hand side of the home page.