If you’re listening to the news and starting to get a rising panic, you’re not alone. The media is relaying a bleak outlook for the country’s financial future, and if you own a business, the worry about what’s to come is real.
The terms ‘economic downturn’ and ‘cost of living crisis’ have wheedled their way into our day-to-day conversation, and we’re all adapting as best we can to the circumstances that we find ourselves in.
But what does that mean for your business? Should you prepare for sales to fall off a cliff?
Nope. Not if you continue to market yourself.
And while marketing in hard economic times comes with challenges, it also comes with great rewards.
If you’re listening to the news and starting to get a rising panic, you’re not alone. The media is relaying a bleak outlook for the country’s financial future, and if you own a business, the worry about what’s to come is real.
The terms ‘economic downturn’ and ‘cost of living crisis’ have wheedled their way into our day-to-day conversation, and we’re all adapting as best we can to the circumstances that we find ourselves in.
But what does that mean for your business? Should you prepare for sales to fall off a cliff?
Nope. Not if you continue to market yourself.
And while marketing in hard economic times comes with challenges, it also comes with great rewards.
Keep Calm And Carry On
The temptation to cut your marketing budget to the bone will be a strong one. It’s easy to think of it as saving money, since marketing investment isn’t always tangible. But it would be a mistake of epic proportions.
Without marketing, your sales can become stagnant. There’s a saying in business: if you’re not growing, you’re dying. And in a time of economic uncertainty, that death will be quick.
In continuing your marketing efforts, you reassure your customers that you’re still there. You’ll encourage brand loyalty and keep your profile high – and when they’re ready to buy, it’s you they come to.
There’s also a rather unexpected benefit of marketing during a downturn. Others won’t be. All that effort to fight competitors for the top spot will become easier. And sadly some businesses won’t make it through. But that does mean displaced customers that need a new home, and if you play your marketing strategy right, that could be with you.
Don’t Slash Your Prices
It’s easy to fall into the trap of thinking that you need to cut your prices to compensate for the dismal inflation rate. Logically you might think it works; the lower price will appeal to those who have less income to spend but in reality, you’re devaluing yourself and making it harder to return to normal once the inevitable bounce back happens.
The trouble with reducing your prices is that people shift their perception of your brand and your product or service. In past economic strife, some companies used a workaround to this and create a ‘lite’ version of their offering, something that can have a lower price point, that still offers great value but won’t take away from your core business.
Empathy Over Everything
Marketing to people who are facing hard decisions takes a certain amount of delicacy. Tone-deaf campaigns can damage your reputation more than doing nothing would. Remember when E.ON sent socks to customers facing a heating crisis? No matter how well-intentioned it was (it was actually meant to encourage people to reduce their carbon footprint – socks, footprint, get it?), it came off as flippant and disconnected from the horrible reality many were dealing with.
When you market in hard times, people are going to be more sensitive. Make sure you are authentic in your communication. There’s no point trying to gloss over the difficulties; just find a way to show your customers how you can support them and benefit their lives, even in a cost of living crisis.
Marketing Strategies That Work
You already have marketing strategies that will power you through a downshift in spending. You just need to put them front and centre of your focus. These aspects of marketing are low-cost, and high-return, so you can keep cash flow, well, flowing.
1
Content Marketing
Content marketing will help you climb the ranks of search engines if done right. And as we’ve discussed, your competitors might lay off their quest for top dog on Google, leaving the door open for you to swoop in.
If you keep an eye on keywords, you might find those that were highly bid for previously drop down to a level that makes them achievable. Blogs, long-form articles, e-books and whitepapers are all great ways to make content marketing work for you.
2
Email Marketing
Want to know something mind-blowing? You already have the key to your marketing success in a financially fraught period. Your email list.
Each and every one of the people on your marketing list has already heard of you. That’s half the battle won. All you need to do now is carefully and considerately remind them who you are and how you can help them.
The problem that brought them to you in the first place hasn’t changed. You just need your messaging to illustrate the value you provide, so cost isn’t the deciding factor.
3
Social Media
Social media is one of the most significant marketing resources a business has. It’s not just about showcasing your wares; it’s about building connections, relationships and trust. And it’s FREE (unless you want to buy a blue tick on Twitter, that is).
How we use social media to make buying decisions has changed marketing strategies, so consider how you can increase your reach on your platforms. Collaboration with other businesses not only helps you target a new client base but also shows that other professionals trust you. Influencers can direct hoards of new buyers to your channels – but research is essential here. The number of followers is irrelevant if their engagement is low.
4
Networking
Covid had us all popping up on Zoom to meet, but now there’s a desire for face-to-face dialogue. Networking is a fun way to meet local businesses and often results in long-lasting connections. For the price of breakfast or dinner, you can market your business to a room full of people who, even if they’re not your target customer, may well know who is.
5
Monitor The Numbers
The numbers matter now more than ever. To ensure your marketing budget is working as hard as it can for you, you have to see what’s working.
And if you’re not tracking your marketing activities, you’re walking into the woods without a map. You have to see what aspects are picking up leads and what’s costing you money. Keep on top of your analytics to see where your web traffic is coming from. Make sure you track opens and replies to your emails. If something isn’t bringing home the bacon, you need to review, evaluate and, if needs be, change tack.
Hard Times Can Be The Best Times
Just because it feels like the economy is sliding down a mountain doesn’t mean your business has to follow suit. Marketing your business in challenging times takes innovation and tenacity but, if done right, it will keep you moving upwards.
Marketing is the rope that will lead you to the top of the mountain, so don’t cut it. Spend time and resources investing in aspects that keep your customers keen to maintain their relationship with you.
Book a call with Nathan if you need help identifying how to navigate your business through the cost of living crisis.
