Essential tips on marketing during a recession
发表于 ： 2022-08-21 16:41:03
Businesses are already feeling the effects of the ongoing coronavirus pandemic and, coupled with something as severe as a recession, it's natural to feel overwhelmed. Faced with a recession, companies immediately seek to reduce their costs. why you should keep trading during a recession Image Source: GOBankingRates In particular, our first instinct is to start questioning the value of our marketing budget. However, what we don't realize is that companies that reduce their marketing efforts during an economic downturn will end up compromising their market share in the long run.
In this article, I'll explain why spending on marketing is often one of the B2C email list best tactics you can use to make your business recession proof. We will cover: The importance and benefits of marketing during a recession. Strategies for getting the most out of your current budget. Modifications to be made to accommodate a lower budget. I'll also give concrete examples of companies that not only came out of a recession because they continued to market, but are still at the top of their industry today. Why should you continue to trade during a recession?
Most of us are surprised to learn that increased marketing during a recession can lead to growth. You see, companies that continue to market themselves during a recession remain at the forefront of consumer minds , so when consumers get the cash back to spend, they instinctively turn to those brands. Plus, when you continue your marketing efforts despite an economic downturn, the message you're sending to your audience is one of strength, leadership, and big picture vision — everything consumers are looking for in this time of uncertainty. Even if you're not at your best, your customers and prospects will be attracted to the stability you can offer. Reducing 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. When consumers recoup the cash to spend, they instinctively turn to brands that have remained front and center.
Strategies for getting the most out of your marketing budget during a recession While you can't market to your full capacity during a recession, pulling the plug completely just isn't a viable option. Let's talk about a few ways to keep marketing going while keeping your business within budget. Market to existing customers Having a loyal customer base is your only real asset during a recession. It's cheaper, easier and certainly more effective to market your products to your existing customer base rather than focusing your efforts on gaining new ones - and when we say cheaper, we mean a gap of around 5 to 25 times .
In this article, I'll explain why spending on marketing is often one of the B2C email list best tactics you can use to make your business recession proof. We will cover: The importance and benefits of marketing during a recession. Strategies for getting the most out of your current budget. Modifications to be made to accommodate a lower budget. I'll also give concrete examples of companies that not only came out of a recession because they continued to market, but are still at the top of their industry today. Why should you continue to trade during a recession?
Most of us are surprised to learn that increased marketing during a recession can lead to growth. You see, companies that continue to market themselves during a recession remain at the forefront of consumer minds , so when consumers get the cash back to spend, they instinctively turn to those brands. Plus, when you continue your marketing efforts despite an economic downturn, the message you're sending to your audience is one of strength, leadership, and big picture vision — everything consumers are looking for in this time of uncertainty. Even if you're not at your best, your customers and prospects will be attracted to the stability you can offer. Reducing 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. When consumers recoup the cash to spend, they instinctively turn to brands that have remained front and center.
Strategies for getting the most out of your marketing budget during a recession While you can't market to your full capacity during a recession, pulling the plug completely just isn't a viable option. Let's talk about a few ways to keep marketing going while keeping your business within budget. Market to existing customers Having a loyal customer base is your only real asset during a recession. It's cheaper, easier and certainly more effective to market your products to your existing customer base rather than focusing your efforts on gaining new ones - and when we say cheaper, we mean a gap of around 5 to 25 times .