Doubling Down on Your Marketing During Recession
While every single business in the entire world is navigating the new normal around the COVID-19 pandemic, and the new business environment, many are wondering how to proceed forward and whether they should be marketing during recession. No matter what situation your business is in, marketing during recession is key to future growth. A study by McGraw Hill Research during the 2008 recession, “concluded that those firms that had maintained or increased their advertising during the recession…boasted an average sales growth of 275% over the next five years (while) those companies that cut their advertising saw paltry sales growth over the next five years of just 19%.” Which kind of growth do you want to see in the next five years?
How Does a Recession Affect Marketing?
During a recession, small businesses are hit the hardest unfortunately. Some industries will be affected more than others, and during a pandemic this is even more true. Typically, luxury services and products will suffer first, and people and businesses will cut back on spending. Budgets will shrink. Spending power will be limited. But, in some ways, small businesses can show perseverance, opportunity and creativity marketing during a downturn.
How do You Market During a Recession?
When you are marketing during recession, especially during a pandemic, you will want to implement more than just one or two marketing initiatives here or there. You cannot expect to spend $500 on one advertising campaign and come away with increased sales. Instead, we suggest implementing a marketing and sales funnel that incorporates multiple touch points. For example, here are some of the ways you can incorporate digital marketing during a downturn:
Better known as PPC, Pay-Per-Click advertising is available on several different platforms. Most notably: Google. Google’s AdWords platform allows businesses to bid on specific keywords that users will type into Google’s search box. Those that bid the highest and have high quality and highly relevant content, will have their ads shown in the first few search listings. The advantage of PPC is that you will get your brand out there to your target audience when properly set up. The disadvantage of PPC is that it is expensive. This is an excellent way to drive traffic directly to your website, landing pages and offers.
Search Engine Optimization
Also known as SEO, search engine optimization is the optimization of your website to improve your search rankings on search platforms such as Google and Bing. While PPC can get you on the first page of search results, so can strategic SEO. An advantage of SEO is that you can see a significant return on your investment, but the disadvantage, and the reason we wouldn’t suggest this tactic as your only business strategy during recession, is that SEO is a long-term game. It will takes months or years before you start to see the results pay off.
You probably already realize that marketing during recession, especially during a pandemic, has resulted in a ton of email marketing. But email marketing does not only refer to sending out email announcements periodically. It also includes strategically creating automated email drip campaigns. Some creative marketing during recession might include a campaign to collect email addresses and then creating an automated email drip campaign that is scheduled to deploy every few days or weeks. Your campaign can be anything from a giveaway to a webinar to a lead magnet. Once someone has filled out your form, they are then added to a list that will receive a series of automated emails with specific call-to-actions.
You are an expert in your field. Even if you don’t think you are, you must make others believe you are. Acting as a thought leader in your industry is a marketing initiative that will enable you to capture a larger audience. During a recession, you can even grow your audience exponentially! Write a series of blog posts, create a webinar, or even create a downloadable e-guide or white paper. Stay relevant with the times and, most importantly, capture contact information so you can schedule the next step in your marketing strategy – the follow-up!
A virtual event is considered a live event held on a platform such as GoToMeeting or Zoom and may include a virtual summit, a workshop, or even a live webinar. If you want to know how to increase sales during a recession, consider a virtual event as part of your marketing strategy. But remember that this cannot be your sole marketing initiative. Whether we’re in a recession or not, the virtual event must be accompanied by a strategic sales funnel that includes marketing up to the event, collecting contact information, automated follow-up emails as well as a personal email or sales follow up phone call.
Social Media Marketing
Social media marketing, like all other marketing initiatives, should be a part of your recession marketing strategy and not your only marketing strategy. Whether you are promoting your thought leadership piece, a virtual event, or an offer, you should use social media marketing as a tool to promote whatever it is you want to promote. All social media marketing platforms offer an advertising platform as well. Consider this type of advertising to reach a broader audience, increase brand awareness, and funnel leads to a landing page.
While we consider public relations one facet of marketing that may not necessarily be digital, in today’s world, people are tuned into the news. The good, the bad, and the shining star. Be that shining star and use public and media relations to get the news out to the public that your company is doing great things for the community. Remember to use this marketing initiative as only one tool in your overall recession marketing strategy.
How Can a Business Survive A Recession?
Well, statistics prove that marketing during recession will help your business survive a recession in the long run. By doubling down on your marketing and pivoting your marketing strategy during recession, you will be able to stay afloat until the economy is able to bounce back some. If you are struggling on how to pivot your recession marketing strategy, call Paradigm Marketing and Design, for a consultation.