How to Unleash Your Marketing Mojo in a Recession
Navigating the choppy waters of an economic downturn can be a daunting task for some. But these challenging times can actually be a golden opportunity! Marketing in a recession can actually be your golden ticket to gaining market share, strengthening your brand, and building long-lasting customer relationships.
So, how do you market your business during a recession? The answer lies in covering the basics, thinking outside the box, and trying to think flexibly about long-term benefits. Here, we’re going to cover some key reasons you should market your business during a recession, as well as go over some handy tips on how to execute your strategies best.
Why Marketing During a Recession Is Essential
Picture this: You’re a stallholder at a busy outdoor market, but the skies are darkening, and the rain is starting to drizzle. Most of the other sellers may pack up and go home, leaving the market almost deserted. But not you. You pop open your umbrella, turn on your fairy lights, and suddenly, your stall is the shining beacon of the marketplace. This is exactly the same when marketing your business in a recession.
While economic uncertainty might seem like stormy weather, it can actually be an opportune moment for your business to stand out. As many of your competitors retract their efforts, you can seize the chance to occupy additional market space. It’s all about turning on your (metaphorical) fairy lights and becoming the appealing, inviting option amidst receding competition.
Create Opportunities for the Future
By staying proactive and banging the marketing drum for your business, you create an opportunity for growth that prepares your company for future expansion.
So, rather than viewing the recession as something to be endured, try to see it as a chance for your business to shine brighter and gain bigger visibility and sales. Put simply – one of the key reasons you should market during a recession is because others won’t, giving you that all-important edge.
Statistics That Support This
For those of you who might be harbouring a few doubts about our reasons you should market during a recession, let us reassure you with a little bit of history. Time and again, history has shown us that businesses that continue to invest in advertising and marketing during economic slowdowns reap significant benefits.
Proctor & Gamble
Going way back to the great depression, this business pumped up its advertising budget while other companies began to recede. The result? An increased market share and larger profits.
McVities
During the recession of 2009, McVities launched an ambitious rebranding and marketing campaign with their heart-warming “Sweeet” campaign that built an emotional connection with consumers. This won them a 10% sales increase and new customers across the nation.
Source: The Grocer
Amazon
During the economic recession caused by the pandemic, Amazon’s profits soared by 220% as it doubled down on data-driven customer satisfaction-oriented marketing campaigns. This solidified their position as the leading home-delivery service during an era of high competition.
In essence, the key reason why marketing your business during a recession is essential is because those that do thrive, while those that don’t struggle.
How to Market Your Business During a Recession
It’s all very well to understand why marketing during a recession is essential, but how do you do it? Well, by adhering to some golden rules, we think understanding how to market your business during a downturn isn’t as difficult as it might seem.
Reinforcing Brand Values
Recession-friendly messaging in marketing is incredibly important. Communicating values of resilience, empathy, and reliability is a great starting point, as these are qualities that customers tend to gravitate towards during tough times.
On a similar note, try to understand the unique challenges your consumers are facing during a recession. While it’s a difficult time for businesses, it’s hard for individuals, too.
Taking a little time to consider how your clients and customers are feeling is a crucial step in marketing your business during a recession. It allows you to ensure that your brand values are striking the right chords with your target audience, building trust and loyalty.
Understanding Consumer Trends
This brings us neatly to another critical aspect of how to market your business during a downturn. As economic climates change, so do consumers’ needs, priorities, and purchasing behaviours. This means you need to be adaptable, agile, and focused on the basics to adapt to these shifting market dynamics.
During recessions, consumers tend to become more price-sensitive and value-oriented. They’re more likely to gravitate towards brands that offer decent products at reasonable prices. This means highlighting the cost-effectiveness or long-term value aspects of your products (rather than luxury or ‘treat’ features) is likely to have a big impact.
Don’t forget to keep covering the basics, too. Excellent customer service, prompt communications, and quality assurance are still as relevant as ever and go a long way in maintaining customer satisfaction during recessions.
Stay Loyal to Your Customers
Focusing on customer marketing is absolutely crucial when you’re considering how to market your business during a recession. In tricky economic times, it’s usually more cost-effective and beneficial to nurture relationships with existing customers than to invest heavily in acquiring new ones.
Existing customers already know your brand, product, and services, so communicating with them is, in many ways, much easier. By providing them with valuable solutions, support, personalised experiences, and perks, you can maintain and deepen your connection with this customer base.
This strategy drives customer loyalty through the roof and encourages repeat business. This is particularly crucial when consumer spending might be more restrained due to individual financial situations changing.
It’s important to remember that customer marketing isn’t just about selling more. This might seem a bit counter-intuitive at first, but building a community around your brand by engaging customers through social media, email newsletters, or loyalty programs is hyper-effective and relatively low cost.
Ready to Turn the Tide of Recession in Your Favour?
Our expert team specialises in crafting strategic, innovative marketing solutions that not only weather the storm but also set you up for future success. From understanding consumer trends and building brand awareness to fostering enduring customer relationships, we’ve got your back.
We do everything in-house, from social media to branding and from campaigns to copywriting. This means you can work with us to make sure you’re getting the most out of your marketing and maximising your potential.
Don’t just survive – thrive! Visit our marketing page to learn more about our processes and what we cover. Or, if you’re eager for a marketing makeover, reach out to us today and let’s start turning challenges into opportunities together.
