It’s no secret that a recession could lie just around the corner. As inflation continues to soar and the snowballing cost of living hits households and businesses across the country, some experts are predicting that we are reaching the precipice of another economic downturn.
When a recession hits and money is tight, businesses tend to look for ways to cut costs until the economy improves – and marketing is often first on the chopping block.
But this is a big mistake. It tells the world that you are not open for business at a moment when you want to be communicating the opposite.
You see, companies that continue to market themselves during a recession stay on the forefront of the minds of consumers, so when consumers gain back the money to spend, they instinctively turn towards these brands.
Cutting down on marketing during a financial downturn, on the other hand, will reduce your online and offline presence, leaving the door wide open for competitors to take advantage and fill in the gaps.
Market to existing clients
Email marketing can be a powerful tool for businesses during a recession. By staying in touch with customers and prospects through email, businesses can keep their brand top-of-mind and nurture relationships that may lead to sales down the road.
Lean on consistent branding
It’s more important than ever to have a strong and consistent brand during a recession. Why? Because people are tightening their belts and becoming more discerning with their spending. They want to know that they’re getting good value for their money, and that means choosing brands that they trust.
Visibility is key
Social media provides businesses with the opportunity for improved visibility with little expense. In a recession, it is essential that businesses are able to reach as many potential customers as possible, and social media provides the perfect platform for doing so.
Take advantage of less competition
At the height of an economic expansion, everybody is marketing. Costs go through the roof, and you have to fight for people’s attention in a crowded marketplace. In a recession, however, marketing space becomes plentiful and affordable as competition plummets. Many companies are cutting back on marketing, so you can spend far less to reach more people with your message.
During a recession, the economy doesn’t grind to a halt. People are still spending money; you just need to give them good reasons to spend it with you. Take advantage of this opportunity to spend on marketing that boosts your visibility, builds on past successes and helps you grow with your customers as the economy rebounds.