Many analysts, finance experts, and international banks expect a global business recession in 2024 and 2025. Large game development companies and the IT sector have already witnessed massive cuts. The first thing most businesses try to cut during a recession is their marketing spending.
But marketing is essential for organizations to survive economic difficulties, so cutting down your marketing spending isn’t ideal. If your customers have less money to spend on your products or services, that doesn’t mean they don’t need them.
It means they will be more careful with their research and budgeting.
The importance of marketing during a recession
When customers are more careful about how they want to spend their money, you have to work more to gain their trust. Even though this is obviously bad for your business, you can look at this as a benefit. If your sales are down, you shouldn’t stop trying to attract leads and build awareness.
As the experts at the Exults Internet marketing firm say: “If your competitors are slowing down their marketing efforts, why shouldn’t you use this opportunity to fill the gap in the market?” The economy won’t permanently slow down, and investing in digital marketing can set your business up for success when the markets bounce back.
If you look at the recession as an advantage, you can turn it into more opportunities for your business. Here’s how to use digital marketing during a recession.
How to use digital marketing to drive growth during a recession
Whether or not marketing can help your business isn’t the question. The question is how to utilize it when market conditions aren’t favorable.
Build long-lasting relationships
Businesses must empathize with their customers when the economy is bad. Even though most customers won’t “open up” and talk to companies on a human level until you’ve established some relationship with them, you can fine-tune all of your digital assets to address their worries and speak about potential outcomes.
Talk about how your products or services can address the problems your customers are having. Establish clear messaging and try to help with the key points caused by the recession. Take proactive steps towards showing how you can do a better job than your competitors with clear examples.
Use content to build a platform
When customers have less money, it leads to more competition. Content marketing allows you to build interest by putting customer problems first while giving a fresh perspective on current events. It also lets you produce content Google will notice and boost your visibility for the future.
You can do this with simple blog marketing while keeping marketing costs low. The main thing is to do your keyword research, follow the latest trends affecting your customers, and create a robust editorial calendar that will allow you to post consistently.
Help your business get found
Maintaining ongoing marketing strategies ensures that your site is optimized for how people are searching for businesses, products, and services. Your website design should also be optimized to cater to their needs and point in the right direction.
Adjusting your approach to the current market climate through content marketing, social media, and SEO helps attract additional buyers to your profiles and website. It ensures your business has a good reach despite having a tighter budget.
If you tend to your customer’s needs during hard times, they will remember your business and be willing to buy your products and services when things return to normal.
Use marketing to convince customers
That’s especially important in B2B, where clients need to know what results they can expect before making long-term investments. The need for certainty doubles during a recession, and you must proactively convince potential clients through your marketing efforts.
Customers will spend even more time researching the business that can provide them valuable services, and that’s why you must provide as much information as possible to convince them to hire your services:
- Adjust your tone and messaging;
- Display customer care, commitment, and values;
- Showcase proof of previous successes;
- Give social proof;
- Share testimonials, use cases, and reviews;
- Deliver valuable information at the right time;
- Upsell existing clients.
These are just a few common tactics you can employ, but feel free to experiment and try new things.
Conclusion
In the end, remember never to stop selling. All your digital presence and efforts should continue working around the clock. The more assets you drive using your marketing strategies, the better you can maintain your business during the recession.
Once the economy has recovered, the effects of your hard work and investment in marketing will only grow exponentially.