As we enter the economic recession of 2020, it’s time to step back and assess your business.
The first instinct for business owners is to cut back on advertising in an economic recession. That’s the worst thing you can do because it’s like shutting off your pipeline to new customers.
It is possible to market your business during tough times. You just need to make sure you’re investing in the right strategies that generate a return on investment.
Read on to learn how to market your business in an economic recession.
1. Serve Your Customers’ Needs
Your customers have seen a barrage of emails reminding them that we’re in uncertain times. You don’t need to remind them again.
What you do need to do is to be there for your customers. You have to see how your customers are adapting to the changes. They are online more, cooking at home, baking bread, and shopping online.
Be empathetic towards your customers and offer them hope in the middle of uncertainty.
Think about what you can offer your customers to acknowledge what they’re going through and serve their needs.
2. Optimize Your Existing Campaigns
You have to be able to adapt and adjust, just like your customers. You have to look at what’s already working and making it better.
For example, you may already have campaigns that generate traffic to your website. Yet, you find that your website’s performance can be optimized and improved.
3. Measure and Track Everything
No matter what you do to market your business, you have to measure and track everything. Each click, email, social media post, and ads all need to be measured.
That measurement allows you to optimize your campaigns further and increase your ROI.
4. Take the Long-Term Approach
We may be approaching an economic recession and you do need to be prepared for it. You also have to realize that economic recessions don’t last forever, even if the economic recession of 2020 does last a while.
The mistake that many business owners make is that they react to everything in the short term. They’ll slash marketing expenses, or run a fire sale to generate some income.
Your marketing approach needs to consider what will help you handle the short term and position your business for long-term success.
Be Smart When Marketing During Tough Times
As we approach an economic recession, you have to adapt and pivot your marketing efforts. That doesn’t mean stop them altogether.
Your job is to be there for your customers. Listen to them and learn how their behaviors have changed and what they’re needs are. You also have to measure and track everything to make sure your money is spent wisely.
Finally, you must think in the long-term as opposed to reacting to short-term needs. Contact us today to find out how we can help you market your business during tough times.