Podcast Summary: "Do This, NOT That: Marketing Tips with Jay Schwedelson"
Episode: SPECIAL SERIES ==> Pricing Beats Loyalty 💸 What To Say During Uncertainty <== | BATHROOM Break #56
Release Date: May 19, 2025
Hosts: Jay Schwedelson (Do This, Not That Podcast) & Daniel Murray (Marketing Millennials)

1. Introduction to Marketing in Uncertain Times

In this special episode of "Do This, NOT That," hosts Jay Schwedelson and Daniel Murray delve into effective marketing strategies during periods of economic uncertainty. Recognizing the undeniable challenges businesses face in a fluctuating economy, the duo emphasizes the importance of adapting marketing approaches to maintain and even grow customer bases.

Jay Schwedelson kicks off the conversation by highlighting the pervasive uncertainty in the current economic landscape:

“There is no debate on the planet that for the next few months there's uncertainty in the economy.” [01:38]

2. Emphasizing Transparency

Daniel Murray underscores transparency as a pivotal strategy. He suggests clear communication about pricing and potential changes to build trust with customers.

• Pricing Clarity: Implementing promotional bars or notices on websites to inform customers about stable or impending price changes.

• Proactive Communication: For instance, informing customers about possible price hikes due to tariffs ensures they feel informed rather than blindsided.

Murray advises:

“Be upfront with the customer.” [03:21]

3. Competitive Analysis with AI Tools

To stay ahead, Murray recommends leveraging AI tools like ChatGPT for daily competitor analysis. By monitoring competitors' websites for updates on pricing, discounts, or tariff-related changes, marketers can swiftly adjust their strategies.

He outlines a practical approach:

“Take 10 of your competitors’ URLs and every day go into ChatGPT and say is there any new information on any of these URLs related to price changes, discounting, and any mention of tariffs.” [03:21]

4. Pricing Strategies: Balancing Discounts and Value Messaging

While discounting can be an effective short-term tactic, Murray highlights that excessive reliance on discounts may erode brand loyalty. Instead, he advocates for:

• Value Proposition: Emphasizing the unique value and longevity of the product to justify its price.

• Bundling Products: Offering bundled packages (e.g., "Three-in-One" products) to provide perceived savings without directly discounting.

Murray advises:

“Double down on messaging on value and length of value, and how much value that they're going to get out of this product.” [04:15]

5. Managing Sales Expectations and Longer Sales Cycles

Adjusting internal sales forecasts and expectations is crucial. Murray points out that during uncertain times:

• B2B Considerations: Many businesses halt onboarding new vendors, leading to prolonged procurement processes.

• Consumer Behavior: Anticipate reduced sales volumes and extended decision-making periods.

He cautions:

“If you haven't revised your own internal expectations in terms of sales and pipeline, you are making a huge mistake.” [05:08]

6. Focusing on Existing Customers and Retention

Retaining existing customers becomes paramount when acquiring new ones is challenging. Murray emphasizes leveraging current relationships to drive additional sales and maintain revenue streams.

Key strategies include:

• Aggressive Upselling: Encourage repeat purchases from an already engaged customer base.

• Customer Loyalty Programs: Strengthen loyalty through rewards and exclusive offers.

Murray states:

“Retention is everything right now.” [05:08]

7. Communicating Through Own Channels

Beyond website transparency, Murray advocates for consistent communication through owned media channels such as email lists. Keeping customers informed about how uncertainties impact the business can alleviate their concerns and reinforce trust.

He recommends:

“Making people aware what's happening during this time and make ease their nerves.” [06:05]

8. Content Marketing Surrounding Uncertainty

Creating content that addresses current economic uncertainties can position a brand as a thought leader and provide valuable insights to customers. Murray suggests:

• Educational Resources: Offering downloadable guides on how uncertainty affects the market.

• Webinars: Hosting sessions discussing industry-specific challenges and solutions.

Murray advises:

“Webinars about uncertainty in your industry... are critical to be of the moment.” [07:15]

9. Highlighting Local Sourcing

In times of global uncertainty, emphasizing local sourcing can reassure customers about product reliability and business stability. Murray suggests brands highlight their local operations to convey consistency and trustworthiness.

He notes:

“If you're locally sourcing and locally doing things like us based, be like, 'We're US sourced, we're US based,'... which provides certainty to your customer.” [07:52]

10. Conclusion and Key Takeaways

The episode underscores the necessity of adaptability in marketing strategies during uncertain economic periods. Key takeaways include:

• Transparency: Clear communication about pricing and potential changes builds trust.

• Competitive Vigilance: Utilize AI tools for real-time competitor analysis.

• Value Over Discounts: Emphasize product value to maintain loyalty without over-relying on discounts.

• Expectation Management: Adjust sales forecasts to reflect the extended sales cycles.

• Customer Retention: Focus on existing customers as a stable revenue source.

• Proactive Communication: Keep customers informed through owned channels.

• Relevant Content: Create content that addresses current economic challenges.

• Local Emphasis: Highlight local operations to assure customers of stability.

Both hosts conclude by encouraging listeners to follow their respective podcasts for more insightful marketing strategies.

Notable Quotes:

• “There is no debate on the planet that for the next few months there's uncertainty in the economy.” – Jay Schwedelson [01:38]

• “Be upfront with the customer.” – Daniel Murray [03:21]

• “Double down on messaging on value and length of value.” – Daniel Murray [04:15]

• “Retention is everything right now.” – Daniel Murray [05:08]

• “Webinars about uncertainty in your industry... are critical to be of the moment.” – Daniel Murray [07:15]

• “We're US sourced, we're US based,... which provides certainty to your customer.” – Daniel Murray [07:52]

This episode offers actionable insights for marketers navigating the complexities of uncertain economic times, emphasizing strategies that prioritize transparency, value, and customer retention to sustain and grow their businesses.