The economic uncertainty of 2022 is something the United States hasn’t seen in 40 years. So it’s made a lot of business owners uncertain as well.
You want to know how to communicate value amidst changes in the economy without losing your customers.
But that shouldn’t mean a slash in your marketing budget. In fact, researchers have found companies that invest in marketing during a recession gain a competitive advantage over companies that don’t:
- Businesses using robust marketing strategies during the 1980s recession grew by 256% over companies using more timid marketing tactics.
- Businesses that maintained marketing output during the 2008 recession had 3.5 times more brand visibility over those that cut or eliminated their efforts.
How do you articulate the value of your products or services to prospects who are facing economic uncertainty? How do you convert them into buyers despite market changes?
Marketing in a Recession: 7 Tips for Communicating Value and Securing Customers
You don't know what sort of challenges the economy your business will face in the future. These tips will help keep your marketing going even if the current economic conditions stay cloudy.
- Keep a focus on creating value for your customers.
This axiom won’t ever change. But with a downturn in the economy, you want to take better care of them now more than ever. If you don’t know what they need, use an email campaign or reach out through your social media platforms to ask them. You want to make sure you're providing products and services people want, even if they may have to hold off on purchasing them.
- Create a plan for alternatives.
What else could you offer your customers besides your tried and true products and services? Diversifying to other lines of business can help your company adapt to new customer challenges that need to be solved while offering you other ways to feed the bottom line.
- Find ways to work lean and still grow.
For instance, automated workflows can help fill in for halted new hiring plans during a recession. In 2021, 74% of businesses said they used automation to stay nimble enough to handle unexpected pandemic crises. Automation can also help the team you have in place by taking over repetitive tasks and freeing up their time for other projects.
It’s also wise to prioritize effectiveness over efficiency to get things done. Leaders should focus on leading and workers should focus on taking action instead of hesitating in the face of uncertainty.
- Network with other companies and businesses to provide value for everyone.
Work together with your established partners or find new ones to provide intriguing add-ons or incentives to shared customers. It can make them feel like they’re getting something special. You can strengthen relationships and create new ones while exploring new marketing channels and keeping customers happy.
- Take the panic out of it.
Instead of rushing into cost-cutting measures with your marketing, create a plan that benefits from marketing fundamentals. You want to capitalize on staying visible to your customers now, even though you also want to keep the lights on. Take note of what’s working in your marketing and what worked in the past. Do what it takes to not go dark; otherwise, your loyal customers may leave for your competitors and never come back once the downturn has stabilized.
- Invest in “recession-proof” digital marketing.
With a 3,600% return on investment (ROI), email marketing can keep your digital marketing strategy going without any budget woes. Once you set up your email marketing platform, it can work for you after the recession is over, too – by growing your contact list, sending regular emails, and devising worthwhile offers that keep your customers engaged. Digital marketing is also adaptable. Unlike traditional marketing, digital marketing tactics like pay-per-click (PPC) campaigns can change directions quickly if the need arises.
- Track and measure everything.
You need to know if your marketing spend is effective and which marketing campaigns are giving you the most for the investment. Focus on key performance indicators (KPIs) like cost per conversion, spend rate, engagement, and audience targeting metrics. Use real-time software applications such as Google Analytics combined with your sales data to identify which of your initiatives are performing best without having to cut campaigns that are working.
11outof11 Knows Marketing
When you’re ready to plan an effective marketing strategy to grow your company despite economic uncertainty, connect with 11outof11. Request a complimentary call with an 11outof11 expert. Contact us to learn more.