Complete Guide to Bulletproof Marketing During a Recession
What’s the first element of your business to get the chop during a recession? For many companies, it's marketing. While there are several essentials to running your business, marketing is often the first one dropped in times of turmoil.
Many companies cut content creation and slash their marketing spending to save money and “effectively” manage their resources during a recession.
However, marketing is even more critical during a recession — even if numerous businesses take the opposite viewpoint. Your marketing is your relationship with your audience. So when you pull the plug and let all the traction drain from your marketing, you also flush away those customer relationships.
Why Is Marketing Important In a Recession?
When you power through with your marketing, you differentiate yourself with helpful content that stands out due to lower competition. You’re leaving the door open for more exposure to your business. Therefore, even if other companies are dropping their marketing spending, look the other way and carry on.
Studies have shown a correlation between long-term survival and higher revenue when you continue with marketing, even during a recession. Creativity and innovation are two huge reasons to keep your marketing practices because tight budgets push content creators to develop innovative ideas.
The midpoint of a downturn is when consumers are more likely to stretch their purchasing dollars. It's also the point when you can prompt them with great content when all of your competitors have ditched their marketing altogether.
At the same time, you should focus less on the immediate benefits. While great marketing often leads to instant sales and revenue generation, it does much more in the long term. Stellar marketing builds an excellent foundation for the people who regularly consume your content and receive your marketing message, encouraging them to buy from you in the future.
Marketing Strategies To Use in a Recession
Marketing practices during a recession are critical for numerous reasons. Now, how do you navigate them?
Customer Experience Focus
Instead of focusing on revenue and sales figures, use the opportunity to create an incredible customer experience. Shaping content builds credibility and ensures your existing customers get an outstanding experience.
Place value on authenticity and facilitate word-of-mouth marketing, which is still one of the most potent forms of marketing. Did you know that word of mouth is a critical factor in 74% of buying decisions? It drives $6 trillion in spending each year!
Automatic emails free up time for more creative tasks and improve the conversion rate. Sending a fantastic email auto-sequence also allows you to build credibility and make sales with little to no additional work. Automatic emails ensure a broad audience outreach and get people excited about your product.
Social Media Engagement
It’s no secret how crucial social media marketing is in 2022, but it’s even more significant during a recession. A solid social media strategy can drive your most interested customers to your online store and website. Valuable and entertaining content establishes your business's credibility, evoking reciprocity and driving sales.
Blog posts and customer interaction are fantastic ways to use content marketing to its full potential. Creating blog content gives you infinite potential to get traffic and build a relationship with your audience. Your content marketing also attracts potential customers by providing them with informative and valuable content they found through Google searches.
Digital marketing is integral to business operations and is even more critical during a recession. Even though the thought may seem overwhelming, you can create a recession-proof digital marketing strategy with careful thought and a shift in focus.
One person can’t do it alone, and that’s why with Fifth & Cor, you have a team of experts who always put innovation first. Schedule a discovery call and let Fifth & Cor help you generate a recession-proof marketing roadmap to success.