Recession Incoming! Marketing Your Business During a RecessionIndustry Secrets
20 Jul
Even prior to COVID-19, there were predictions that the U.S. was heading for a recession. The economic impact of the coronavirus has likely cemented our descent into a recession.
Although we are unsure of when the recession will happen, what it will look like, and how long it will last, it is crucial to start thinking about how you can continue marketing your business when the recession occurs.
Be Proactive with Your Budgeting
It is crucial to have a good idea of your money flow so you can allocate funds to your recession marketing plan. You need to know what your money flow looks like right now and get an idea of what it may look like mid-recession.
You also need to consider what you may have to do if your revenue drops. Will you need to make budget cuts, or do you have some room to breathe? If you don’t have any wiggle room in your budget, now is the time to create some before the recession.
Make Marketing a Budget Priority to Stand Out
We recommend that you make your marketing a priority within your budget rather than part of the overhead. Many companies treat marketing as an overhead item in their budget, and it’s typically the first item to go when the market is on a downturn.
This way of thinking is not illogical because, during a recession, you may think your clients aren’t seeking your services. The truth is, they may not be hiring for your services if they have financial cutbacks due to the recession, but they are looking. As other companies cut back on their marketing, your smart budgeting choices will allow you to continue marketing and stand out from the crowd.
Our expert marketers can work with you to determine where your marketing dollars are going and what marketing is making the biggest impact. This will allow us to help you streamline your spending and focus on the marketing tactics that give you the most for your money.
Focus on Your Current Clients
During a recession, finding new clients should not be your main focus due to the fear and uncertainty many people and businesses are facing. This fact can make it difficult to earn the trust of new clients.
Fortunately, your current clients know and trust your company. You’ve completed the work to get them as a client, so it’s crucial during a recession to do what you can to keep them. To help keep your current clients feeling comfortable:
Check-in on them and keep engaged with them. Communication is key.
Consider an incentive for loyal customers, such as a loyalty rewards program.
Showcase different ways your products or services can be used to benefit your clients.
Offer to allow clients who try to cancel the option of pausing services.
Stick to Marketing Basics
The basics of marketing are critical for your marketing plan during a recession. Our experts at Higher Images say that SEO is the key to your recession marketing plan. Search Engine Optimization is critical as more than one-third of Google users click on the first result that comes up in their search query. SEO is a strategy that can be used to help get your website on the top of the search results.
In addition to creating an SEO strategy for you, we can help you track your marketing and tweak things to be efficient. Efficiency in your marketing plan is crucial during a recession to ensure your marketing dollars are making the most impact.
We can help you track everything from who is visiting your website to your social media performance to ensure your marketing is operating at peak efficiency.
Prepare for the Recession with Higher Images
At Higher Images, we can evaluate your current marketing and help you create an efficient and effective marketing plan to help you through the recession. Contact us today to learn more!
Bryan Thornberg founded Higher Images. 22 years ago. As Owner and Chief Marketing Officer, he leads his team in all digital projects, consultations, development, marketing, public relations, sales, analytics, account management, and product support.
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It is crucial to have a good idea of your money flow so you can allocate funds to your recession marketing plan. You need to know what your money flow looks like right now and get an idea of what it may look like mid-recession.
The basics of marketing are critical for your marketing plan during a recession. Our experts at Higher Images say that SEO is the key to your recession marketing plan. Search Engine Optimization is critical as more than one-third of Google users click on the first result that comes up in their search query. SEO is a strategy that can be used to help get your website on the top of the search results.
