Updated: Aug 1, 2020
In the last few weeks we have faced fear, uncertainty, and a state of panic across the world.
We have seen travel bans, sporting events cancelled, mass gatherings prohibited, rules with keeping a 6-foot distance, and the stock markets in free-fall. 😥⠀
We have seen companies completely go off the grid or flourish as true leaders in a time that is absolutely needed. But the one thing that still seems to be a common trend when the world goes in a recession is to pull the plug on all marketing aspects.
Stick with me here...
I'm not saying we need to still implement 100% all your marketing tactics, but you should stop and strategically think about how you can position your company and use marketing in ways that can still leverage your brand within a recession.
Let me highlight a few core areas here to open your mind with marketing in a recession.
1) How Digital Marketing Can Help Your Business Survive a Recession
During any recession, companies big and small can struggle to adapt, with many falling by the wayside. It's only natural that business owners aren't sure how to cope during a period of economic downturn but with the right marketing strategy, your business can make it through to the other side.
Yes, marketing. The very concept of marketing during a recession might sound bizarre to some, with the vast majority of business owners believing that whatever capital and resources they have need to be curtailed and saved. The immediate reaction of almost every business during a recession is to make cuts in an attempt to future-proof their companies for the months ahead.
Yet, in spite of the logical reasoning behind cuts and curtails, statistics and specialists have proven time and time again that it's actually the businesses that choose to invest in marketing and have the courage to make those big calls that end up not only surviving to the end of a recession, but actually thriving during it too. Here are some key reasons why.
2) Broaden Your Market Share
We're living in hyper-competitive times. It doesn't matter what industry you're in and what goods or services you're trying to sell, there are always other people out there with similar ideas, trying to draw customers to their brands and businesses rather than yours. During a recession, the level of competition actually starts to decrease. Picture it like a crowded market with sellers all shouting over one another to try and catch the customer's attention. During a recession, there are fewer voices shouting out, giving you a better chance to get your message across. With reduced competition as your rivals put less emphasis on marketing, you have a prime opportunity to increase market share and gain new customers through strong digital marketing.
3) Dare To Be Different
As stated above, when a recession hits most companies all do the same thing; they make cuts. They're all following the same path, cutting their marketing budgets, reducing their promotions, and focusing on survival rather than growth or evolution. The brands who dare to be different, who have the boldness to take advantage of the situation, are the ones who can succeed.
By not following the same path as every other company out there, your business can set an example. In the eyes of customers, a company that continues marketing strongly during a recession is a stable, trustworthy, reliable brand, one that they can feel more comfortable and confidant doing business with.
4) Maintain Your Customer Base
What happens when you stop marketing? You lose customers. It's as simple as that. No company can afford to do that, especially during a recession. The very idea of cutting your marketing budget or cancelling marketing campaigns is totally at odds with the very core purpose of any business.
During any period of economic downturn, your clients and customers are your biggest asset. It's always more cost-effective to have and retain loyal customers than to have to try and win over new ones, so a recession is the perfect time to insist on marketing to your existing customers, reminding them of how highly you value their loyalty.
5) Connect With Your Customers
A recession is tough on everyone, from large company’s right down to individuals just trying to make a living and pay their bills. It's a time when you can not only adjust your marketing strategy in order to connect with customers on a deeper level than before, but understand their needs and situations at a tricky time and cater to them through warm messages, emotive campaigns, and promotional offers.
Research and studies have consistently shown that customers are more likely to engage with brands that appear to understand them or make efforts to help them during difficult economic times. Any recession can, therefore, be seen as an opportunity to develop your brand's voice and strengthen customer loyalty through compassionate marketing campaigns.
If you are struggling with your marketing and feel stuck, please join our Canadain Community for small Bussiness. We are coming together as a community to help small businesses during these hard times. Please also view our Mastermind sessions on Youtube.
Brittney Ashley, CEO