10 Mar Tariffs Talk: How Marketing Can Help You Navigate Economic Uncertainty
Canadian businesses impacted by the current North American trade tariffs “war” are understandably scrambling to protect themselves from harm. Headlines are showing how all levels of government and trade support organizations are building resources for that business community—even in the face of constant change and political uncertainty as the situation evolves.
At Moore Creative Consulting we’re exploring tactics that businesses can use to form a strong, resilient, and smart marketing strategy to boost their overall trade activities. While no two businesses or industries have the same needs under these difficult circumstances, there are common elements we recommend as starting points. We encourage you to check back with us as the trade climate shifts and we have new recommendations to share.
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🍁 Get patriotic. As we said last month, embrace “Buy Canadian” messaging (and tools like related hashtags) when marketing your product. This helps your bottom line by encouraging domestic customers to choose your products over American competitors.
✅ Flaunt your advantages! At a time where product substitution is key to your consumer base, clearly highlight the specific benefits of your products over American ones. For example, visibly provide side-by-side comparisons of features and benefits in your outreach images. Include cost savings where you can. Comparisons facilitate the buyer-decision making process. Dare to be different!
📊 Diversify. While your business considers what alternate export markets to target, or non-U.S. suppliers to work with, you can diversify your marketing and outreach. Consider whether a new approach to advertising channels could be a good move. For example, might it be time to re-introduce some print advertising to stand-out from digital noise? Or start a new campaign that focuses on competitive angles for your business? Could you introduce a loyalty program? Keep your site’s SEO current too, to help drive new business to your front door.
Outreach is important too. Consider stepping up your proactive media plan or expand your presence at trade shows. Remember, the adage of diversifying to mitigate market uncertainty applies to your advertising too
🗣️ Keep talking. We like this recent article from BDC reminding businesses that good customer service in times like this is underscored by good communications. Reach out to your existing customers and suppliers. Confirm orders, talk about steps you’re taking, listen to concerns, and reassure that you’re pivoting where needed to keep goods flowing. Stay present for them and it will underscore your business’ reliability,resilience, and tenacity! And while you’re at it, don’t forget to talk to your employees too about how their work is impacted. Transparency = trust.
🛍️ Line it up! Could you tap into new ways to brand-align your business? Much like ensuring your packaging and marketing graphics fly the Canadian flag and maple leaf take a bit of time to see if there are other digital hubs and directories to register with, as people seek products and suppliers. In Ontario, register your business with the Support Ontario Made hub (or other provinces), your Chambers of Commerce, and other industry hubs. With many communities sparking tariff task forces to respond to this new trade climate it’s likely that new brand services will rise through them as well. Remember, strength in numbers. We agree with BDC: “Joining a chamber of commerce or trade association can help you access support and resources in this uncertain time.”
⚓ Hold the course. In the uncertain economic times ahead, we know that scrutinizing expenses is a top priority, and businesses will be tempted to slash their marketing and outreach budget. But it’s important to remember that you’ve been investing in your brand, in cultivating your customer bases, and positioning your business for success. And just like other investments, taking the “long” strategy outlook and staying the course on your marketing strategy might be a surprising source of stability. Don’t be in a rush to dump what’s working for you. Instead, hone your strategic choices for maximum performance. Skeptical? The BDC points out in another recent article to increase marketing.
🎯 Need advice on how to do that? Reach out to us today and we’ll help you streamline your marketing tactics for optimum effect.
✨Bonus tip: if you’re feeling the financial crunch
Surfacing from various government reactions and supports there may be new fund solutions for eligible, impacted businesses to counter the tariff impact. Some of these funds may have flexibility to sustain your marketing efforts.
For example, check out these resources posted by the Canadian Trade Commission. Whether you’re a startup or not, you could also browse Startup Canada’s excellent Tariff Toolkit of links and resources, including for funding.
Similar opportunities may soon emerge at the provincial and regional level as well. Watch here for updates!