During an economic downturn, it's vital to continue marketing your business. There are still plenty of opportunities to gain new leads and build customer loyalty. Effective marketing is key to remaining successful and profitable during a recession.
Let’s look at 6 strategies for marketing your business during a recession.
1. Build customer loyalty
During a recession, your primary goal should be keeping your current customers. It’s more effective and less expensive to market to your existing customers than to find new ones. A loyal customer can be one of your business’s biggest assets – especially during a recession.
To build customer loyalty, start by listening to your customers. Engage with them on social media, send them insightful surveys, and encourage them to provide honest feedback on your products or services. This communication helps you build relationships with your customers and provide what they need.
This is also an excellent time to offer customers more flexible payment options or launch a loyalty program that rewards your customers for doing business with you.
2. Create a unique selling proposition
Consumers are more careful and selective about what they spend money on during a recession. You’ll have to work harder to build their trust and show them why they should invest in your product or service.
You can accomplish this by creating a unique selling proposition (USP) – a specific benefit that sets your business apart from its competitors. Your USP explains how your company can solve your customers’ problems in a way that no other company can. Once you understand your USP, you can effectively use it in your marketing efforts.
3. Invest in local SEO
If you rely on a customer base in a specific geographic area, local SEO is your most cost-effective marketing strategy. Local SEO helps you increase calls, leads, and foot traffic at the lowest price, whatever industry you’re in.
Consumers are always looking for the best deal – especially during a recession. As customers search on their mobile devices for products and services in their area, your business information will appear at the top of Google search results in local listings, enabling you to attract those local customers.
Read More: SEO Tip: Target Local Searchers
4. Remain consistent
It’s not a good idea to make major changes to your marketing strategy during a recession. It’s also not the time to rebrand or make significant changes to your business model or company name.
Making changes like this will likely confuse your current customer base, and these kinds of changes won’t bring in new customers. Instead, stay consistent with what you’re already doing. A recession won’t last forever, so your main goal is to stay in business once it ends.
5. Invest in content marketing
Content marketing is one of the most effective methods of developing your brand presence, growing audience engagement, and driving sales – especially during a recession.
Content marketing is vital because it helps you build trust by providing helpful and relevant information to your customers. It also helps you develop relationships, improve conversions, and generate leads.
Read More: 5 Reasons Why Your Business Website Needs a Blog
6. Consider outsourcing marketing
An impending recession means you have to be more efficient with your financial budget. Since every dollar must be accounted for, you should invest in marketing initiatives that deliver the best return possible.
Outsourced marketing is a cost-effective way to meet the needs of your business at a fraction of the cost of hiring an in-house employee because you don’t have to pay overhead like sick time or healthcare.
Unlike in-house employees, a marketing agency works with many businesses in various industries. They bring their knowledge and expertise to your business in ways an in-house employee simply can’t. You can even outsource specific short-term projects as needed.
Read More: Why Hire a Digital Marketing Agency
While times may be challenging and an impending recession sounds scary, there are still opportunities to market your business and increase sales. Remember, effective marketing is key to remaining successful and profitable during (and after) a recession. So, stay positive and keep moving forward! If you want to learn more about how to market your business in a recession, contact our team at Impact Group Marketing. We’d love to help your business thrive during an economic downturn!