Are you wondering whether you should market your business in a recession?
The answer depends on whether you want your business to continue. (Obviously, yes!)
The reality is that if you aren’t visible, your clients will disappear too.
Effectively marketing your business in a recession helps it remain successful and profitable. You can continue to build customer loyalty and gather leads.
So, how can you effectively market your business in a recession?
Develop a strong positioning message
Create a compelling message that speaks to your audience and uniquely shows your brand. Your message should share the same story with each customer at every touchpoint. It must describe your service, include your target consumer and show how you fill a market need differently than your competition.
Use these tips to create your positioning message:
- See how other companies frame their messaging, then create a unique message based on their examples.
- Use your customer surveys and support data to ensure you clearly understand your customers.
- Be empathetic to your customers’ needs.
- Choose a few words to share a lot of information.
- Include your brand values, such as diversity, equity and inclusion or social responsibility.
- Emphasize transparency and authenticity.
Market, market, market
Change up your marketing strategy while maintaining your current budget. Making educated decisions can keep your business profitable during a recession.
Pay attention to how consumers are spending and saving their money. Determine how your business can provide them peace of mind during difficult times. Then, develop your marketing strategy to suit your consumers’ needs.
Include key performance indicators (KPIs) to track each marketing campaign’s performance. Use the data to determine which campaigns are successful. Stop the ineffective campaigns and invest in the successful ones.
Maintaining a strong online presence builds brand awareness and customer confidence and loyalty. This sets a foundation for high ROI after the recession ends.
Focus on client retention and service
It costs less to keep an existing customer than to find a new one. So, building customer loyalty during a recession is essential.
Keep in touch with your customer base so they know you appreciate them. Include email campaigns that share positive messages, surveys and coupons. Showing business stability provides confidence in making it through a recession.
Continue investing in content marketing:
- Many businesses will stop updating their search engine optimization (SEO) and content marketing strategies.
- Less competition means you can rank higher in search engine results pages (SERPs).
- The higher your business ranks, the more clicks to your website you receive.
- Having more consumers on your site leads to increased conversions.
- More conversions mean more revenue.
Need help marketing your business?
BARQAR’s team of digital marketing experts can work with you to develop a marketing strategy to help grow your business. Find out more today!