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A recession is a period of low economic activity over several months. During this time, most consumers are forced to change their regular spending habits to focus on essential purchases only like housing, food, and bills.
Businesses also face significant declines in sales and profits. Therefore, they must change their marketing message during a recession to reflect the new environment where consumers are more cautious about their purchases. Read on for some practical tips on what your marketing message should be in a recession.
Ensuring your brand stays in your consumers’ minds during a recession will help build awareness and loyalty and may lead to better sales. Reaffirming your quality will increase the trust of your consumers, making your business more appealing.
There are several ways to reassert your quality and communicate your brand strengths. Example include:
Content marketing offers the perfect platform to build brand authority and credibility. You can improve your brand’s legitimacy by consistently showing that you are an expert within your field. That means sharing useful information, tips, tricks, guides, etc. Here are a few ways to boost your brand authority:
Communicating your USP in your marketing message during a recession ensures you can still get clients despite the low-performing economy. A USP or unique selling point is the feature that makes your product unique and helpful to your audience. A compelling USP tells your consumers that your firm offers better value than similar companies in the same market. Here are some necessary steps when developing a USP for your company:
All to often a marketing message that is overlooked during planning. If your consumers aren’t constantly exposed to your brand, they will likely forget about your company. Additionally, if consumers forget about your brand, they will likely engage with your competitors when they need the specific service or product you offer. Hence, reminding people, you are there is essential for business survival, particularly during a recession. Here are a few tips for reminding consumers about your business:
Discounts and offers are synonymous with poor-performing economies as businesses try to improve their sales. Since consumers are keen on saving finances during such times, their purchase decisions will be highly influenced by price. Hence, offering discounts to various customer segments makes sense to maintain profitability. Also, it would help to see where you can add value to your product or service.
Value-focused marketing puts your consumer’s needs at the forefront and pairs your solution’s ability to address those needs effectively. Explaining your value proves that your fully understand your consumers and have the necessary resources to assist them. For value-focused marketing plans to work, it is vital to determine that value based on your consumer’s viewpoint. Here are the primary value types to consider:
Past recessions show that companies that survive poor economic environments can become more profitable and resilient once the recession ends. That is because of less competition, significant efficiency savings, and a larger market share. It is necessary to take proactive steps during a recession to acquire and nurture new leads in readiness for increased sales once the economy recovers.
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Consider using the following non-sales acquisition strategies that also build trust and awareness:
Even though a recession is linked with adverse effects, it can present a chance for significant business growth. Use the tips above to polish your marketing message and continue getting clients even when the economy is performing poorly. Focus on value, efficiency, and better communication with your clients to boost brand awareness and ensure your business continues to thrive.
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