5 Best Marketing Practices During a Recession
When the economy takes a downturn, businesses suffer the consequences of the crisis the most. Under such circumstances, it makes sense to reduce your marketing budget to cut back on costs, right? Think again!
Businesses that reduce their marketing efforts during an economic crisis can lose significant market share in the long haul. Instead, a better option is to adopt different marketing strategies. Read on to learn the five best marketing practices during a recession.
1. Target All Customer Groups
You must target all customer groups during a recession according to their mindset. For instance, a particular customer group would stop all unnecessary purchases till the crisis goes away. Then there’s a group that purchases selectively and hopes for a better future. Lastly, some people do not alter their shopping ways, regardless of the economic conditions. They aren’t concerned about savings and like to live in the moment.
Consider all three groups and create a marketing tactic that appeals to each group individually by posting blogs and sending newsletters regularly.
2. Implement Micro-Moment Marketing Tactics
Micro-moment marketing decides whether or not a customer would shop from you within the 5-second interaction. Let’s say a customer visits your website; if it’s too slow, has too many ads, or doesn’t give the customer what they’re looking for, they will immediately move on, and you’ll lose a potential customer for good. A well-designed webpage can improve customer experience and build customer loyalty within seconds. Another way to implement micro-moment marketing is by making your social media active and approachable. An unresponsive social media can be a deal-breaker for a considerable share of your customer base.
3. Incorporate Animated Storytelling
Storytelling isn’t a new concept, but animations can add a modern and creative flair to your marketing style. It keeps things exciting and resonates with the mindset and values of customers, thus keeping your brand more relatable to the target market. Moreover, it instills a fun and influential association with your brand.
4. Offer Something Unique and Innovative
Your marketing tactics are a reflection of your brand and personality. It gives consumers insight into how the company operates. Instead of using conventional strategies, offer something unique to the table, such as interaction with staff, celebratory events, etc. Create informative podcasts to keep your customers updated about your company, products, and services.
5. Personalize Customer Experience
Always work to personalize the customer experience by incorporating live chat options with creative greetings and quirky scripts. It keeps the customers engaged, offering them a personalized experience that feels like a breath of fresh air.
A recession can make even the most firm-standing business owners nervous; however, it isn’t here to stay forever. Eventually, the economic downfall passes, and things get back on track. Instead of reducing your marketing budget, consider adopting the five best marketing practices during a recession mentioned above.
With an assessment you can make sure you are spending your marketing $$$ wisely.
With a strategy you will be able to focus only on what is important to grow your business.