When business slows down, it's not time to panic. In fact, savvy professionals can use it as an opportunity to enhance business by rebranding and implementing new marketing strategies.
Suppose an organization starts to fall behind its primary competitor. This is no time to throw in the towel. It's a chance to gather marketers and strategists and formulate a plan to freshen up the company's image and make a stronger name for it against the competition.
This process often takes place after quarterly results. If a company's profits are stagnant or if it even suffers a quarterly loss, it may be an opportune time to initiate a rebranding strategy. It's important to note, however, that this sort of action doesn't have to be drastic. Subtle changes can yield results that are just as impressive.
For example, Burger King recently revealed its first quarter earnings, which indicate that the company suffered a 1.4 percent decline worldwide and a 3 percent drop domestically. To counter this, the fast food chain tweaked its menu offerings.
According to an article in the online publication Nation's Restaurant News, Burger King is answering its critics by tweaking the marketing of its menu to stress the fact that it includes both affordable and elegant food items.
"We believe that in order to be successful in today's market, we must highlight premium items that build check and brand equity balanced with value promotions, such as the $1.29 Whopper Junior and the '2 for $5' special," Alex Macedo, president of Burger King North America, told the news source.
Hold messaging is a great way to vocalize a new marketing strategy. If an organization wants to slightly rework its message or focus on specific items, this can be done with an on hold marketing campaign. It's important to remember, however, that this strategy is ideal for organizations with a long-term plan. Working with an on hold marketing services provider will allow businesses to create messaging for extended use, which will only allow this tweaked strategy to reach more individuals.