As Dory from Finding Nemo would say, just keep swimming. When everything feels like a waste because there’s already so little ROI during a recession, turn to marketing. While it may seem like a great idea to save on marketing expenses, it actually may hurt your business in the long run.
During the beginning of the pandemic, we saw a lot of companies lose business or pull back in hopes of saving themselves from having to fully close down. Setting yourself up for success during a downturn in the economy requires catering to your customers’ needs and wants. A great way to do that is through your marketing tactics. For example, continuing to post on social platforms will keep people engaged and keep your brand relevant. Create Instagram stories with polls and questions asking what they’d like to see. Remember that during a recession, your customers are struggling as well and looking for affordable solutions.
Another important factor is holding on to your current client base. If you pull back too much on your marketing, you’ll start to become less visible to your customers and they’ll start to search out other businesses to fulfill their needs. If you continue to show off what you have to offer, you can expect to see a lot of your customer base return when the economy starts to turn around.
Lastly, it’s a great idea, as mentioned before, to adapt your business to the customers’ needs in the current economic climate. That might mean broadening what you offer, changing how you offer your services, or where you sell your products. For example, during the pandemic, several businesses started offering more virtual solutions so people didn’t have to risk going out into crowded areas. Maybe for a trainer, that would mean offering at-home workout plans rather than having them come to the gym for a training session.
There are many things you can cut back on when the world is going through a rough financial state, but to remain relevant, maintain strong marketing and continue to let consumers know what your business has to offer.