Recession – a word that sends a shiver down the spine of every business owner. And why would it not? After all, recession periods pose a threat to everything they have built with their blood and sweat.
Imagine you suddenly lost your job, what’s the first thing you will do? Definitely, cut back on your variable expenses so you don’t have to compromise on the necessities. While this may work for households, it’s a not-so-wise move for business!
Marketing departments are often the first ones to suffer at the hands of an economic downturn. It even makes sense at first glance because the consumers are holding back from purchases too. So, it should be better to let marketing take the backseat for a while if it’s not driving sales like it’s supposed to, right? Not at all.
If you take this step, you may as well forget about your business’s long-term growth for at least a couple of years. Even though marketing in a recession doesn’t sound like a good idea, it can actually be quite fruitful. This blog mentions a few reasons why businesses shouldn’t slow down their marketing efforts during economic downturns. Let’s dive in!
5 Advantages Of Not Abandoning Your Marketing Campaigns Due To Recession
· Less Obstacles In The Way
If we have learned anything from rivalries, it’s that the best time to strike is when your opponent is laying low. As we discussed earlier, many marketers believe there’s no point in marketing when the economy is declining, so most of your competitors will be sitting the recession period out.
With your competition out of the picture, you will have the playing field all to yourself. If this isn’t present the perfect opportunity to attract new clients, what is? Moreover, you will encounter lesser resistance when ranking on search engines or increasing your brand visibility.
But that’s not all – you will even impress your customers with your marketing campaigns. They will see you doing well when every other business is silent and assume you are growing even when the economy is facing a severe blow.
· Increases Brand Awareness
Consumers are not always looking to buy – sometimes they are only exploring their options so when they do need that product, they know just the right place for it. During a recession when other businesses are deserting their marketing, you will be the only name that keeps showing up on their feeds, searches, and emails – all thanks to the essay writer ireland you hired to craft blogs and social media posts for your marketing channels.
This means your target audience will eventually stumble across your name even if they have never purchased from you. You will be introduced to a wider audience, which would have otherwise been either too difficult or too expensive. As a result, you might even gain some new customers during or after the recession period is over!
· Cultivates Brand Loyalty
Remember, attracting customers is not all that matters, retaining your existing clients is just as important. Ask yourself: Would you be willing to go back to a brand that left you high and dry during the bad times? Chances are, you will forget all about them once the period is over.
Building a good and professional relationship with customers is perhaps the oldest trick in the book for business success. So, if you ghost them when the economy is declining, you might not hear from them again.
On the other hand, staying in touch with your clientele via blogs, emails, or social media gives them the idea that you care about them. You could also introduce some discounts to encourage them to purchase. After all, resisting sales and discounts is not our strongest forte. Plus, it’s a win-win situation for both of you.
· Increases Market Share
Marketing is not only about campaigns, it can also include launching a new product in the market. We know it might sound ridiculous to introduce a new product when people are holding back from spending but hear us out first!
What’s the first challenge a new product has to overcome when it freshly appears in the market? Of course, beating the competition and increasing the market share. But when there’s already less competition in the market, it would be easier to catch consumers’ attention – especially if you hired the best essay mills UK to write the sales copy.
Plus, even the buyers have limited options during a recession. So, they are more likely to try out a new product if it surfaces amidst an economic downturn!
· Reduced Advertising Costs
We all know how factors of supply and demand crucially contribute to the price. Given that most businesses step out of the marketing game during a recession, the supply of advertising services is relatively high compared to the demand.
The reduced demand helps in dropping the price so advertising agencies don’t cost a fortune like they used to. Hence, you can outsource your business’s marketing for the period at a comparatively lower cost. Meanwhile, you can focus on other important aspects of your business, such as the strategies for surviving through a recession.
To put it simply, an economic downturn is a golden opportunity to do more advertising for less, and that too with decreased competition. It’s like a dream come true for brand marketers!
However, it’s important to note that while it’s good to continue your marketing endeavors in a recession, you need to modify your strategy to stay afloat. Here are some tips for effective marketing during a recessionary period:
Tips For Successful Marketing During Economic Downturns
· Consider Outsourcing:
If in-house marketing is draining your finances, you can buy essay help for content marketing. These writers charge per project or per hour, enabling you to save some money.
· Update Your Brand Message:
A recession is a depressing time for everyone, including your customers. So, be empathetic towards them and come up with recession-friendly brand messages.
· Evaluate Your Marketing Channels:
Operating on every channel can be expensive. So, assess your marketing channels and focus more on the ones that receive the most response.
· Stay Agile:
Don’t go for a long-term marketing strategy. It’s better to maintain agility during such unpredictable circumstances so you can always adapt as needed.
Key Takeaway: Marketing During Recession Is A Wise Move For Long-Term Business Growth
While the phrase “we will come back stronger” sounds good on paper, we certainly don’t believe in it when comes to businesses. You can’t sit out for a couple of months or years and then expect to make a big comeback. Instead, you will have to start from zero and build yourself again.
We realize it is tempting to limit your marketing budget in a recession, but are you sure giving it up is really worth it? We don’t think so, and we hope reading this article changed your mind as well. Remember, a recession doesn’t last forever. Hence, if you want to see your business booming after its over, don’t put a stop to your marketing efforts and strike while the iron is hot!