Few things are more stressful to a business owner than economic uncertainty. In recent years, the American economy has undergone many changes. Current market conditions point to a long recession, which has many business owners scrambling for ways to avoid profit losses and looking for marketing tips to help keep their businesses afloat.
A recession is defined as an economic performance decrease marked by lower consumer spending, declining gross domestic product (GDP), and high unemployment rates. Some business owners make the mistake of lowering their marketing budget during a recession.
In reality, you need to increase your spending on marketing during a recession to keep your visibility high. Are you trying to develop a marketing strategy in the face of economic uncertainty? If so, check out these great marketing tips.
Marketing During a Recession Can Generate Growth
There is a misconception that marketing during a recession is a waste of money. The truth is that marketing your services/products during a recession can generate business growth. The businesses that continue to market themselves throughout a recession stay at the forefront of their industries.
This usually results in consumers turning to these companies when they have money to spend. Continuing to market your business during a recession also shows your audience things like:
- Proof that your business sees the big picture
- A sign of leadership
- A display of strength in the face of adversity
Making the mistake of cutting your marketing budget during a recession can have negative consequences. Without an effective marketing campaign, your online and offline presence will be affected.
This will usually result in your competitors filling the gaps left by your absence. The last thing you want is to lose customers to the competition, which is why another great marketing tip is to increase your marketing budget during a recession.
Work On Making Your Paid Marketing Campaigns Recession-Proof
Some business owners make the mistake of relying solely on organic traffic to generate online sales leads. While you can generate leads with organic search, you will have to venture into the world of paid marketing to truly unlock your lead generation potential.
Using Google display ads is a great way to expose your brand to a larger audience. If you are already investing in paid marketing campaigns, you will have to work on making them recession-proof. Achieving this goal will require hard work and the help of a Google Ads specialist. If you want to recession-proof your paid marketing campaigns, you need to focus on things like:
- Refine Your Ad Copy- During times of economic prosperity, businesses focus on creating ad copy that generates clicks and grabs attention. In a recession, you need to focus on developing ad copy that is targeted to attract relevant traffic. Altering your ad copy to appeal to consumers ready to make a purchase can help you improve conversion rates.
- Use Negative Keywords- Getting information on which search terms are driving traffic to your website is important. Using broad matches can lead to many irrelevant terms being used in your Google Ads. Entering irrelevant terms in negative keywords can help you lower irrelevant impressions and generate more qualified leads.
- Take Advantage of Dayparting- If you want to lower paid marketing spending without reducing overall performance, then dayparting is something you should use. This tool allows you to turn your ads off during certain times of the day. By analyzing your lead data, you can determine your peak paid ad traffic times.
If you are overwhelmed by the prospect of recession-proofing your paid marketing campaigns, then allowing knowledgeable professionals to handle this task is a wise move. With this professional help, you can get a better return on your paid marketing investment.
Focus On Marketing To Your Existing Customers
Having a loyal customer base is something most business owners dream of. Loyal customers are one of the best assets a business can have during a recession. Attracting new customers is nearly five times more expensive than retaining an existing customer.
If you want to lower the amount of money you spend on growing your customer base, then devising a strategy to market to your existing customers is crucial. When trying to market to your existing clients, you need to develop a plan that includes some of the following things.
Offer a Token of Your Appreciation
One of the best ways to encourage existing customers to make a new purchase is by providing them with a token of appreciation. This should include things like discounts, gift certificates or free trials. Not only will these items make a customer feel special, they will also motivate them to spend money with your business.
Open Lines of Communication
The average consumer hates feeling like they are just a number to a business they spend money with. If you want to show your existing customers you value them, opening up communication lines is imperative. With the help of blogs, newsletters, and direct mail marketing, you can keep existing clients in the loop.
Ask Your Customers For Feedback
Figuring out where your company is falling short is crucial when trying to improve customer loyalty and profitability. Reaching out to your customers for feedback is a great way to determine where improvements need to be made. Once you have this information, you can fix any problems and increase customer satisfaction. The happier your customers are, the more money they will ultimately spend with your business.
Find Ways To Generate More Website Traffic
Getting your business through a recession virtually unscathed will be difficult. As previously mentioned, paid marketing is a great investment during a recession. However, there are also several free methods of generating more website traffic you need to explore.
The more website traffic you generate during a recession, the easier it will be to sell more products/services. You can do many things to generate more website traffic during a recession. Some of the most effective ways to accomplish this goal are:
- Use email newsletters
- Guest posting is beneficial
- Produce memorable content
- Get active on social media
- Reach out to industry influencers
The methods used to drive traffic to your website will depend solely on your target demographic. Getting to know more about who your audience is and what type of content they respond to is crucial. Having this information will allow you to develop buyer personas to help you create content your audience will find useful.
Modern Consumers Love Online Events
The Internet has provided people around the world with the opportunity to connect. As a business owner, you must find new and exciting ways to connect with potential and existing customers. Virtual events are a great way to generate leads and win over potential customers.
If you are unsure about the type of online events to use for lead generation, consider things like:
- One-Day Virtual Conferences- Providing your target demographic with an opportunity to network is beneficial. A one-day virtual conference allows you to educate your audience and provide networking opportunities. These short events will help you garner lots of attention for your brand without spending a ton of money.
- A Virtual Product Launch- Providing a new product/service to the world can be a stressful and enjoyable experience. Informing the masses about the new offerings your business has will be much easier with a virtual product launch. Offering exclusive pre-orders and discounts to the attendees of this online event is a great way to generate revenue with your new product.
- Host Online Q&A Sessions- If you want an effective way to inform consumers and humanize your business, then online Q&A sessions are great. During this online event, you can address any misconceptions about your business. Online Q&A sessions are also a great way to advertise your products/services to a larger audience.
Advertising your online events well in advance is vital when trying to attract attention from consumers. Using the power of social media and your website is a great way to inform the masses about upcoming virtual events.
Search Engine Optimization Works During a Recession
One of the best ways to generate more website traffic during a recession is by investing in search engine optimization (SEO). There are a few basic reasons why SEO works during a recession.
SEO Outlasts a Recession
It is hard to believe a recession will ever end when you are in the midst of one. However, the economy will eventually rebound and things will return to normal. When this time comes, the last thing you want is to play catch up with your SEO efforts. This is why spending on SEO during a recession is so important.
A Way To Show Your Company is Trustworthy
During tough economic times, consumers are more skeptical. If you want to garner the trust of modern consumers, then getting your website on the first page of Google is crucial. Having this endorsement from the most powerful search engine on Earth lends instant credibility to your business.
A Cost-Effective Tool
Another reason why SEO works during a recession is that it is affordable. When you compare the cost of SEO campaigns to their results, you will quickly realize how worthy an investment they are.
Instead of throwing in the towel during a recession, you need to implement these marketing tips above to keep your business prosperous in challenging economic times.