So many businesses are being financially affected by the recent pandemic and the lockdowns that have taken place in response. There are many uncertainties about how companies should react during this period and how to prepare for what lies ahead. There aren’t many parallels in history we can draw from to guide us in overcoming this obstacle. While it may seem that all hope is lost and you would think that cutting down on all your marketing efforts is your only choice, there are still some viable options of marketing in recession.
When difficult economic times hit, it doesn’t choose—it hits everyone. Lives are turned upside down and changed forever, and that is especially true during a period of recession. And when people’s lives change, so does their behavior when it comes to purchases of goods and services. For business owners, it is during this period that you need to reshape your marketing strategies to cater around the human-side of your customers.
You have to put your business in a position where you will be known as an understanding and trusted partner, which is what most consumers need. It is important to reduce anxiety, build trust, and be there for your customers. Here are some strategies that you can focus on that will get you through this economic downturn.
1. Analyze and Track Results
In all situations, some businesses grow while others struggle. You might think it’s all about sales, but really it starts with the right tracking and analytics. Remember that during a period of recession, digital marketing should focus on having more precise, specific, and measurable campaigns, which leads to more effective and quantifiable results.
To track things accurately, you need a call tracking system and/or a digital tracking system like Google Analytics. That way you can trace the actions your prospects and customers take. This will help you identify the most effective marketing strategies and check on the ones you can cut without seeing any dip in sales or branding. Knowing exactly the returns you get from each marketing initiative will be crucial not just for the survival of your business but also for growth.
2. Adjust Pricing Tactics
The period of recession will see more customers shopping around and looking for the best deals. Cutting down on your list prices is not the only way to cope with recession. What you can do instead is to offer more temporary price solutions, extend credit to long-standing customers, price smaller pack sizes, and decrease the threshold for quantity discounts.
3. Focus on Existing Loyal Customers
Whether you’re in a financial industry or childcare center, during a period of recession, your brand’s biggest asset will be your existing customer base. It is important to create marketing strategies that are catered and focused on your most happy, loyal, and valued customers. Be sure their loyalty is rewarded with amazing perks. Think outside the box to ensure that they are happy. Your efforts will be repaid through recommendations and reviews from these happy customers.
4. Content Marketing
This is one of the most effective ways to educate, influence, and eventually convert leads during a period of recession. Content marketing goes hand-in-hand with SEO marketing, and using various content to help drive your customers to your brand. You will need to invest in writing blogs and different content or forms of media to get the most of content marketing for your business.
With so many resources available, you can create various types of content based on the needs of your customers or your target audience, industry type, and your business goals. It is important to note that regardless of the type of content you make, your content marketing efforts should focus on building and creating information that builds confidence and trust with your customer base. Content marketing requires resources, as well as time, to execute properly, so make sure you review your analytics to ensure that your content is relevant and meets the needs of your customers.
Marketing in recession can be tough and this is normally the period when your business is tested—how fast you can move and how ready you are to accept and act. Challenging economic downturn is tough for all business owners. As an owner or a manager, you need to make difficult decisions—laying people off, reducing marketing budgets, or cutting expenses. But, you do not need to be alone in this process.
If your business is in need of support building a robust business strategy or marketing in recession tactics, we at No Joke Marketing, are happy to help you figure things out. Contact us today.