“Recession” has become a trigger word for many after the Great Recession of 2008. Neighborhoods were marked with For Sale signs as people searched for cheap rentals. Stores were closing, companies laying off, and building came to a halt. It took years to come back from that period and recover the losses. However, we did recover, and all was going well until 2020. Now, inflation is roaring, and layoffs are necessary for companies to survive. The 2023 recession is almost inevitable but this time we are a little more prepared.
Case studies have shown that companies that thrived during the 2008 recession did not cut back on marketing. In fact, it was quite the contrary. They heavily invested in marketing and advertising. Here is a short list of some of these successful companies:
- Citigroup
- Netflix
- Airbnb
- Mailchimp
- Lego
Up Your Budget for Advertising
When a recession is brewing, many companies review their advertising spending. Unfortunately, a large number of companies will choose to cut their spending on marketing first. This is a huge mistake. It is a time when the ad market is less competitive leaving room for your brand to make a lasting impression.
During the 2008 recession, the most reputable platforms were giving discounted rates. While your competitors slash their marketing spending, you can take advantage of this time at a cheaper price.
According to analyticpartners.com, data revealed that brands that continued to invest in marketing in 2008 saw ROI growth in back-to-back years.
Market Your Existing Customers
Marketing to your current customer base is less costly and easier. Your most valuable asset in difficult times is your existing clients. Take the time to pour into them and keep those relationships strong. You can offer special coupons or rewards to existing customers. They can win you your best referrals.
Customer expectations and attitudes change during recessions. Making it a great time personally reach out to them.
Automate Your Marketing
Marketing automation software allows you to automate repetitive tasks. For example, you can schedule social media posts in advance, create automatic follow-up emails and drip campaigns can run automatically. Automation saves time and money.
There is a lot of competition for marketing automation platforms. Here are some things worth looking for in them:
- User-friendly
- Strong reporting capabilities
- Integrate with other business software
- Personalization
Must Be Authentic Marketing
Consumers are overwhelmed with marketing attempts and advertisements. It is quickly apparent who is trying to schmooze you and who is authentic. People want to connect with your business & content in a way that resonates with their goals and feels natural.
The objective is to create more genuine connections with your target audience.
Use Video’s
According to Cisco, 82% of global internet traffic came from video content in 2022. Consumers find videos to be more captivating than reading content. During a recession, this is not something to take lightly.
Videos that share your brand and your story help establish trust with your audience and build a loyal following.
Social Media Marketing
Social Media platforms allow you to reach loads of potential clients for little to no money. You can use it to build relationships with customers and support their businesses as well. Websites and apps like Instagram, Facebook, LinkedIn, Twitter, and YouTube are great avenues to connect with people.
In a Nutshell
Effective marketing during a looming recession is essential for your business to remain successful. Recessions are temporary, but those companies whose brands remained visible during the recession will be sought out after it’s over. This is an important time to keep a healthy marketing budget to grow your business while your competitors fall into the shadows.
7 Top Digital Marketing Trends for 2023
