Marketing during tough times
5 Reasons to keep going and 2 things you can do now
When the economy takes a nosedive, the knee-jerk reaction for many businesses is to cut costs, with marketing often being the first on the chopping block. While this might seem like a smart move to protect your bottom line, pulling back on marketing during tough times is actually one of the worst things you can do.
Here are 5 reasons why keeping your marketing efforts alive and kicking during a recession is not just important but crucial, and 2 things you can start doing right now.
1. Less Competition
Here’s the silver lining: when others cut back, the market gets less crowded. This is your moment to shine. With fewer businesses competing for the same audience, your marketing messages have a better chance of standing out. This visibility helps your brand stay top of mind with customers who are still spending, giving you a head start when things pick up again.
2. You’ll strengthen your bond with your customers
In tough times, customers become choosier about where they spend their money. This is a golden opportunity to strengthen your relationship with them. By continuing to communicate through smart, empathetic marketing, you show that you understand their struggles and are there to support them. This builds trust and loyalty, ensuring that when things improve, they’ll remember who stood by them.
- 63% are more likely to purchase from a brand they trust
- 55% will stay loyal to a brand
- 53% will advocate and recommend the trusted brand to others**
3. Seizing Market Share
A recession shakes things up. Some of your competitors might not make it through, which leaves gaps in the market. By keeping your marketing efforts strong, you can attract their customers, gaining a larger share of the market. This is not just about survival but about coming out ahead, ready to dominate when the economy recovers.
4. Customers want to see confidence
Continuing to market your business during a downturn sends a strong message. It shows that you’re resilient, confident, and in it for the long haul. This boosts your brand image, making you more appealing to customers who are looking for reliable partners. Confidence breeds confidence, and this can translate to increased loyalty and sales, even in tough times.
5. Recessions don’t last forever
Remember, recessions don’t last forever. Businesses that keep up their marketing efforts are better positioned for the recovery. By staying connected with your audience, you’ll be ready to hit the ground running when the economy picks up. The relationships and brand recognition you build now will pay off big time in the future.
2 Things you can do right now
1.Try something new
Economic downturns push you to think outside the box. Marketing during these times forces you to innovate and adapt, trying new strategies, platforms, and technologies. This experimentation can lead to discovering more effective marketing tactics that you might not have considered before. Staying nimble and innovative keeps your marketing relevant and impactful, no matter the economic climate.
2. Focus on your most valuable marketing asset
When things get tight, your website and social media are the places you can update quickly and cheaply. Your website is your own asset and you can use organic marketing across social media to support your messaging.
Focus on your strengths – which channels are your customers and community on? Prioritise those ones and don’t waste time where you’re not gaining any traction.
Tweak your tone or messaging to be more thoughtful during tough times and show empathy to financial struggles your customers may be facing.
According to an article by the Marketing Association, people tend to seek distraction during tough economic times and spend more time on social as a distraction.
In a nutshell, culling your marketing during a recession can be a costly mistake. The benefits of maintaining your marketing efforts far outweigh the savings from budget cuts.
By staying visible and engaged, you show resilience, confidence, and adaptability. Not only will you weather the storm, but you’ll also emerge stronger and more competitive when the economy bounces back.
So instead of dialling back, lean into smarter, more effective marketing during these challenging times. It’s a move that can pay off in the long run.
How Red Office can help you
* help you achieve the items on your marketing plan
* help you create a focus area or marketing plan
* email marketing to your database
* social media marketing
* website updates to your existing website (adding blog content, copy adjustments)
If you’d like to know more about how we can help you with your marketing, give Louise a call for a confidential, no-obligation chat.
**source – 2024 Edelman Trust Barometer
