There has been support from the government, but this hasn’t always helped, and businesses still face challenging times. Fewer people are spending their money in shops and preferring online retailers. The night-time economy is suffering with people opting to stay at home to socialise and travel and hospitality has been impacted too.
With all this going on, you would understand why many people want to hide under a rock during these difficult times, but should you invest in marketing and continuing to promote your business during a recession or tighten your belt?
When the pandemic hit, I saw many marketing budgets slashed, and I lost clients, however there were new exciting opportunities to come out of this too.
Recessions bring fear and uncertainty to both businesses and consumers, but even during a recession there are plenty of opportunities to develop your business, build customer loyalty and gain new leads and customers. It is not a time to be cutting those marketing budgets, but to invest in your marketing. Effective marketing during a recession is the key to riding the storm and coming out of those difficult periods even more successful and profitable.
1 – Be Consistent and Invest
One of the most effective things you can do in marketing is to be consistent. Consistent in your social media, your email marketing, developing your brand, your website and your communications – before a recession hits.
History shows us that those businesses who continue to invest in their marketing during difficult times come out of it stronger. Many businesses will take the approach of reducing marketing activity and spend, but if you are consistent and invest in yours you are the one whose brand will be more visible, you are the one who will have more leads and come out fighting, leaving the others behind.
Instead of slashing budgets, you need to get savvy with how you invest in your marketing. Many other businesses will cut costs, which often means you are at an advantage. As a result, advertising space is often cheaper as fewer people are buying space–this is the perfect time for you to grab a deal! When others are not shouting about new products or running events, this leaves space for your messages to be heard, so instead of doing less, do more to be seen head and shoulders above everyone else.
2 – Client Retention
As well as consistency, client or customer retention is really important too. Regular communication and excellent customer service is vital to ensure you keep your existing customers happy. It is much easier to market to them than trying to generate new leads.
3 – Your Offering
Think about the products and services you offer. People are going to be more careful with the money that they spend, so make sure you are giving them what they need. What are your most profitable offerings? How do your customers get the most value from you? Can you give incentives or bundle offers?
It doesn’t mean you have to drop your prices; it means you show them the value of what you do and how you can help them. Show them why they need you/your product and why they don’t want to miss out.
Look how everyone took to doing everything online when the pandemic hit. Businesses pivoted to offer people solutions that would help them during this difficult time, and some of the most successful businesses are those that took advantage of the opportunities it presented.
I started my business during a recession, so I know how tough it can be. Although it may seem like doom and gloom and you want to crawl back under your bed covers, take a peek out, remain consistent and uber focused and you can ride the storm.