How To Market Your Business During A Recession
As a business owner, you may be feeling the effects of inflation and looking for ways to tighten your belt. However, instead of cutting back, you may want to consider strategies to increase your income by marketing your business more effectively.
Here are 8 ways you can market your business during a recession.
1) Focus On Your Core Customers
During a recession, it’s more important than ever to focus on your core customers. These are the customers who are most likely to continue doing business with you, even when times are tough. Marketing efforts should be focused on retaining these customers and keeping them happy.
Your best new customer is your current or past customer. They already know you and if you have done your job right, they like and trust you. They just need to be reminded that you are there and that you have additional services or products that might be valuable to them.
2) Incorporate Email Marketing
Email marketing remains the number one way people prefer to be contacted. Email marketing serves as a reminder to your customers that you are still here and working for them. There are a few things to remember when creating email marketing campaigns.
• Consistency Matters
If you subscribe to this email, you may notice that you receive it on the first Monday of the month (unless the first Monday is a holiday, then you receive it on the second Monday). This is by design. I have tested and know that the first Monday has the highest open rate for us. But more importantly, people are more likely to respond if they are used to seeing the email in their inbox on a regular basis.
• Don't Be Salesy
Why did you open this email today? Chances are you opened it because you have gotten something of value from our emails in the past. Giving your customers something of value helps them to continue trusting you. Your relationship with your customers matters and relationships are more about the give than the take. Your emails should show them that you care about them.
• They Don't Have To Open The Email
We have seen people give up on email marketing because they have a lower open rate than they want. Don't do that. Many customers will call you without ever opening the email. Think about it for yourself. How often have you thought, "I need to make that appointment, I need to make that appointment, I need to make that appointment," only to forget until you happen to see the business's name pop up somewhere?
We had a great example of this last month. One of our clients had 4 phone calls from current clients who all asked for additional services. What did they all have in common? They all said the email was a reminder that they needed to make the call.
3) Get Creative With Your Marketing
Now is the time to get creative with your marketing. Think outside the box and come up with some unique ways to market your business. This could help you to stand out from the competition and attract attention.
If you are a running store, you may want to start offering a Sunday morning yoga class that includes an exclusive shopping opportunity. If you are a plumber, you may want to look at sponsoring the swim team in your most profitable neighborhood. If you are a restaurant, you may want to create signature drinks for local "celebrities." This is a great time to start looking at unique opportunities to market yourself.
4) Make Use Of Social Media
Social media is a great way to reach out to potential and current customers. It’s also relatively low-cost, so it’s a great option for businesses on a tight budget. Use social media to promote discounts and deals, share news and updates, and generally stay in touch with your customers. There are a couple of things to keep in mind for social media marketing.
• Consistency Matters
The one thing everybody agrees on when it comes to algorithms is that consistency matters. It's important to post regularly. To do this though, you will need to use a scheduler. We love Zoho Social. There are a lot of reasons we prefer this scheduler. But the biggest difference is that it allows us to post directly to Google Business Profile and in turn, that helps us rank higher for SEO.
• Don't Be That Guy
That guy talks only about himself and then when you respond, he leaves you hanging. Don't be that guy. Consider what you are putting on social media. Make sure for every post selling something, you have four posts that are giving your customers something of value. And most importantly, remember that it's rude to ignore someone when they talk to you. Respond to comments that your customers leave on your social media and your reviews that they leave on Google Business Profile.
5) Network, Network, Network
Recessions can be a great time to network. Get out there and meet new people who could be potential customers or partners. Attend events, join networking groups, and generally make yourself known. If you want to meet a group of great business owners, let Ann or Anastassia know and we will get you invitations to our favorite networking events.
6) Get Your Name Out There
Make sure your business is visible to potential customers. This could involve advertising, but there are also other ways to get your name out there. Make use of PR and publicity and consider sponsoring events or local teams.
Don't forget about community calendars. These are generally free and they most likely reach your local audience. Don't have an event to promote? Ask our team and we can help you create an event that will get your company added exposure.
7) Think Local
During a recession, it’s often small businesses that suffer the most. So, think local when it comes to your marketing efforts. Support other small businesses in your area and market yourself as a local option. This could help you to stand out from the bigger, national brands.
One way to help support a local business is through cross-promotion. One of our clients does a great job with this. As soon as he sees a new business is opening, he goes out to visit it. He creates a photo or video and then shares that on his social media making sure to tag this new business. In turn, that company shares his posts with its audience.
8) Be Flexible
Recessions can be a challenging time for businesses, but being flexible can help you to weather the storm. Be prepared to change your marketing strategy if necessary and be willing to try new things. At ASMM Digital, we pride ourselves on staying on top of the latest social media marketing trends and we pivot our customers' efforts accordingly. It makes all the difference.
Recently, we took the steps to create LinkedIn newsletters for our clients. These have increased our clients' exposure by well over 400%.
By following these tips, you can market your business effectively during a recession and come out on the other side stronger than ever.