During times of recession or economic uncertainty, many businesses view marketing as dispensable and the first place to cut budgets. However, continuing to focus on an effective marketing strategy during a recession is crucial to coming out in a financially stable position. Although it can be somewhat nerve wracking to continue investing money during financial instability, failing to do so can leave you open to more issues down the line.
Instead of cutting your marketing spend, focus your attention on areas that are going to drive the best results for your business and increase your spends in these areas, channelling funds from other, less profitable sources for the time being.
It’s worth reviewing your marketing strategy and taking a holistic approach to your plans for the next few years, including involving different stakeholders across the business to understand the best route to move forward.
If you’re somewhat stuck for ideas on the best and most cost-effective marketing strategies to use during a recession, we’ve pulled together our top seven to get you started.
Most people will spend a fair bit of time researching a company before choosing to purchase from them, which means that the more information you can provide to them via your website and other channels, the better.
When deciding what content to create, use tools such as Semrush and Google Analytics to research the questions that your audience is asking about your particular industry, or the products you sell. Then, in your content, find ways to address these questions in a way that’s clear, informative and engaging. This will show your audience the value of your brand, and help to boost your search engine rankings in order to drive more traffic to your website.
It’s worth trying to put new content out to your audience at least once a week, with a mix of different topics and themes to appeal to a wide range of people and diversify the information on your site. This can be a mixture of long-form and short-form content, including lots of images and videos to help keep your readers interested.
If you’ve been creating content for your site for quite a while, it may be worth going back and repurposing existing copy for use in a different medium. For example, if you’ve written a blog post, you could separate this out into posts for your social media pages, or alternatively create a video expanding on the topic. You can also promote older content on different platforms to drive more traffic through to your website.
There has been a significant shift in how people choose to engage with brands over the past few years, with many only wanting to purchase from businesses that align with their morals. This has led to an increase in community marketing, with companies tapping into the social and emotional needs of their audiences and becoming far more accessible to them.
By creating a community around your brand, you can create an effective way to communicate and connect with your audience, ultimately strengthening relationships and building trust with buyers.. This turns them into advocates for your brand, while providing you with data-driven insights into their preferences to help with future marketing campaigns. While community building is a long-term strategy, it’s the ideal place to start for cost-effective marketing and positive results.
One way to engage your audience and attract new customers is to offer giveaways, or discounts. While it can seem counterintuitive, this type of promotion helps to introduce more people to your brand, and if they like your products or services, they’re more likely to stick with you in the future.
Providing value doesn’t always have to mean giving away your products or services for free or at a discounted rate. You could decide to add value by imparting knowledge to your audience via a webinar or video series, or through helpful ‘how-to’ guides on your website.
Word-of-mouth is one of the oldest and most effective forms of marketing, with 77 per cent of consumers more likely to buy a product if a friend or family member recommends it. Referral schemes can be a great way for your loyal customers to be rewarded for introducing your brand to their audience - and they won’t break the bank either.
The more you post and engage with your audience on social media, the more they will notice your brand, and the more likely they are to engage with you. This said, ensure that your messaging aligns with your brand values and you’re not just posting for the sake of posting. We recommend sharing a fairly even mix of sales messages, recent blog posts, informative ‘thought-leadership’ posts, as well as posts that encourage engagement such as a poll. Asking questions or conducting polls can also be a great way to get valuable data from your customers on what they want to see from you.
The CopyHouse team is made up of experts in the technology and Fintech spaces, with a breadth of experience working with brands to achieve their marketing and business goals. We completely understand the complications and difficulties of marketing your business during times of economic downturn, which is why we work closely with our clients to build content strategies that are designed to target your key audiences and turn prospects into leads.
To find out more about working with us, or for a free 30-minute consultation, get in touch.
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