There is plenty of commentary in the media and the use of words that can make us all shiver a little like economic uncertainty, recession, downturn and more.
Consciously and unconsciously, we change what we do, personally and in business, with our money.
One of the most common things a business owner does when there is a downturn in the economy is to reduce costs.
However, one cost you should not reduce during a downturn or even when you are busy is marketing.
Marketing needs consistency to thrive!
If you want to bounce back from a change in the economy, you must maintain and potentially increase your budget.
Note: Others in your market may choose to reduce their marketing spend, giving you further opportunity to shine.
Two marketing professors mentioned in an HBR article: ‘Firms that maintain their marketing spend while reallocating it to suit the context … fare better than firms that cut their marketing investment.’
Watch your tactics
Do you have a new product on the way? Consider your launch time to ensure that you maximise your results.
Are you considering increasing prices? While it is easy to think that a price increase will save everything, it can also be incredibly detrimental. Your customers are price sensitive too, and this could leave you then needing to offer discounts to gain customers. Seesaw prices are not suitable for anyone.
You need to keep your business top of mind. Continue to persuade your customers to buy even during a downturn. This will ensure you see your marketing efforts as an investment rather than an expense.
Outshine your competitors
During tough times you as a business owner can outshine your competitors. Be innovative, create new products, and be consistent in your marketing efforts online and offline.
Innovation is a great way to gain business – what can you do differently to outshine your competitors?
Answer your customer’s questions
Are there questions that you regularly receive? These questions make great posts to social media and/or blogs for your website. Make sure also to add them to your FAQ page if you have one.
Show off some tips and tricks.
Create videos showing off some behind-the-scenes tips and tricks. Fashion labels are great at offering styling tips showing different ways to wear their items.
Create content that speaks from your level of knowledge and illustrate some tips to show your expertise.
Share that you are a longstanding business.
Remind people that you are a business that has been around for a while. You have experience and knowledge and are potentially an expert in your field.
Remind everyone of your unique offer
Why are you unique?
- Is it because of you, the owner?
- Is it what you offer, how you offer it, or where you source your products?
- Do you offer fast, free delivery? Whatever it is that makes you unique, make sure you tell people about it.
So while marketing during a downturn, the simple answer is don’t stop. If you can do more, but don’t do less, and if you need help so that you can focus on being innovative, reach out to a professional.
Do you need help creating content and marketing your business? Contact Kelly @ My Sassy Business.