6 Winning Strategies for Marketing in a Recession
In times of economic uncertainty, businesses tend to cut back on their spending, and marketing is often one of the first areas to get slashed. However, history has shown that during a recession, companies that continue to invest in marketing tend to outperform those that don’t. In this blog, we’ll explore why marketing is so important during a recession and provide some tips for how businesses can adapt their marketing strategies to succeed in challenging times.
1. Longer Buyer’s Journey: Patience and Persistence Required
First and foremost, it’s important to recognize that during a recession, the buyer’s journey tends to be longer. Consumers are more cautious with their spending and may take more time to research their options before making a purchase. This means that businesses need to be patient and persistent in their marketing efforts. Additionally, implementing a loyalty program can help retain existing customers and incentivize them to continue doing business with you. It’s also essential to understand the different motivators that can drive purchasing decisions during a recession. For example, the book “Who Moved My Cheese” by Spencer Johnson explores how people react to change, both positively and negatively. By understanding these underlying emotions, businesses can tailor their messaging to resonate with their audience and encourage them to take action.
2. Building Brand Awareness is Critical
Brand awareness is another critical element of marketing during a recession. As consumers become more price-sensitive, they tend to gravitate towards brands that they trust and are familiar with. Building brand awareness through consistent messaging and a strong online presence can help businesses stay top-of-mind with their target audience.
3. Messaging Must Emphasize Value, Trust, and Sensitivity
Messaging is a key element that should be re-evaluated during a recession. Consumers want to feel that they’re getting value for their money, so it’s essential to highlight the benefits of your products or services and emphasize how they can help customers solve their problems. Trust and sensitivity are also crucial factors to consider. Customers want to know that they’re doing business with a company that has their best interests in mind, so it’s important to humanize your brand and build an emotional connection with your audience.
4. Value-Based Content and SEO Optimization Is Important
When it comes to content, value-based content is more important than ever. Providing informative and educational content that helps customers solve their problems can help build trust and establish your brand as a thought leader in your industry. Additionally, optimizing your website for SEO and understanding current demand through tools like Google Trends can help you maximize your reach and attract more traffic to your site.
5. Maximizing Existing Customer Base
Maximizing the value of your existing customer base is another key strategy for marketing during a recession. Implementing remarketing campaigns can help build brand awareness and keep your business top-of-mind with previous customers. Additionally, understanding your customers’ needs and preferences can help you tailor your products or services to better meet their needs.
6. Focus on Efficiency and Meeting Basic Needs of Customers
Finally, during a recession, it’s essential to focus on maximizing internal efficiency and streamlining your product portfolio. Rather than trying to be an innovator, businesses should focus on delivering products or services that meet the basic needs of their customers.
Conclusion
In conclusion, marketing during a recession is critical for businesses that want to succeed in challenging times. By focusing on building brand awareness, delivering value-based content, and maximizing the value of existing customers, businesses can weather the storm and come out stronger on the other side.
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digital marketing strategist, team lead
ABOUT THE AUTHOR
Megan Sternke
Megan is a Digital Marketing Strategist here at Magnetic North. In her time here she has explored her interests in campaign development & execution, graphic & web design, and social media marketing. One of her favorite parts of her job is fostering relationships with clients and finding new ways to bring value to her accounts.