Recession. The very mention of it makes business owners shudder. Naturally, they begin looking for ways to reduce any unnecessary expenses. And for everyone, from CEOs to front-line staff to clients, those business services could be impacted by those budget cuts.
Slashing marketing expenses isn’t always a good idea, even when keeping the business afloat is the ultimate goal. Even with a lean strategy, growth-supporting marketing expenditures might be substantial. Enterprises can expand even during a recession. Although it may seem illogical, historical evidence supports this idea.
Businesses that continued to invest in marketing and advertising during prior recessions outperformed their rivals. During the 2008 financial crisis, businesses worldwide reduced their spending on advertising by 13%. However, leaders who kept their marketing budgets intact saw their brand visibility improve by 3.5 times. Growth marketing strategies are a means to continue reaching your audience while having the most impact during difficult economic times. How? Read on.
1. Engage Customers Through Email
Shoppers won’t be as enthusiastic about responding to marketing messages during a recession. The majority of buyers will consider their purchases twice in an effort to be cost-conscious. They will avoid anything that seems too wonderful to be true. The same is true of any overt advertisements for products that consumers view as not being necessary. It helps in brand awareness.
2. Become the Go-To Resource for Information
Online content is a cheap approach to raising company exposure. Even though consumers may be cutting back, they still need to be aware that your business exists. More significantly, customers need to understand the values of your brand and the reasons they should choose you.
Becoming the go-to resource for information Online content is a cheap way to raise company exposure. Even though consumers may be cutting back, they still need to be aware that your business exists. More significantly, customers need to understand the values of your brand and the reasons they should choose you.
3. Reward Consistent Clientele
Growing your clientele is the main goal of growing marketing methods. When businesses exclusively provide incentives to new clients, it makes devoted clients search for better opportunities. Why should people shell out more money for the same thing? More importantly, why should they continue doing business with you if you care more about gaining new clients than keeping old ones?
Consumers require a reason to remain invested, just like in any other relationship. Offering outstanding customer service or a distinctive product might not be sufficient motivation.
4. Form partnerships.
Collaborations with influencers provide both parties with a chance to convey more profound things for the sake of recession-proof marketing. Your company may be able to connect with a desired but hard-to-reach market group thanks to a thought leader. You can also benefit from one another’s expertise to produce resources that are incomparable to those of your rivals.
Consider what collaboration can bring to the table before partnering with any thought leaders. You want someone who will be consistent with the identity and principles of your business. The size of an influencer’s fan base is wonderful, but it’s not the most important one. Look for a voice with staying power—one that you can imagine successfully representing your brand in the not-too-distant future.
Bottom Line: Growing a Business That Is Recession-Proof
Some industries seem to be able to endure recessions on their own. However, not all businesses can afford to be naturally resistant to recessions. Leaders must devise plans to mitigate the effects of decreased customer spending if they want to help their businesses thrive. By focusing on building meaningful, long-lasting connections with clients rather than just transacting with them, growth marketing activities can maintain income streams.
