Top 5 Tips for Marketing In a Recession
Are we in a recession? Maybe we are - and maybe not. But as a marketer, you need to be prepared for the worst.
Here are five tips for what you should do in a recession.
1. Spend smarter - Spend more
Huh? Did you read that right? It may sound counter-intuitive, but during a recession, you should be ramping up your marketing budget.
During a time when most companies are cutting their marketing and advertising, you can gain market share by being more aggressive in your marketing.
Just make sure you spend your dollars on the right marketing tools that will boost your return on investment.
If you're not already taking advantage of the power of the internet for sales presentations or product demos, now is the time to take the plunge.
Desktop video conferencing services have come a long way in quality and cost as little as $79 dollars a month for up to 10 guests.
2. Treat your current customers like gold
Sure, it's fun to get new customers. But you'll get more sales from your current customers.
When customers make decisions in a downturn, they're more likely to go with someone they know - a trusted source.
So make sure you continue to be in contact with your current customers. Send them periodic emails about new products or services, an informative monthly newsletter, or a useful webinar they can attend.
Make it easy for them to go with you. Market to them. And ask them what you can do for them.
If you show you really care, they will stick with you if the going gets tough.
3. Outsmart your competitors
A recession is the golden opportunity to win market share from your competitors.
Pay close attention to how your customers are reacting to a recession, and make changes in your product, price, terms, and positioning as quickly as possible.
For example, if you are selling software, sell it outright as well as a service (SaaS) to stay one step ahead of your competitor.
4. Invest in growing market segments
In every downturn, there are market segments growing faster than others. Try to position your product or service to quickly win business in those fast-growing markets.
For example, if you are a liquor store owner, you could offer an online class or demonstration on how to brew your own beer or make your own wine to save money. And of course, you should have a DIY wine making kit!
5. Introduce a new product or feature
A recession is NOT the time to skimp on developing new products or relevant research.
Since your competition will most likely be cutting back, this is the time to take the market by storm! Add value to your existing products or launch a new product that will benefit your customers.
Make it easy, fun, and a good value. And sit back and watch your marketing...and sales soar during a recession.