In a consumer-driven economy, marketing is the only thing you can engage in that will drive sales and provide growth opportunities for your company. The constant promotion of goods and services puts you in front of the eyes of the people who need them, compelling them to make a purchase.
However, it’s not always rosy in the economic sense. There are periods when the prevailing conditions cause a serious economic downturn. For instance, during the Covid pandemic. In such a situation, people will naturally hold on to their money in anticipation of trouble. You may think it’s wise to cut your marketing budget to match the prevailing conditions, but that may work against you. Here’s why.
The Key to Survival in Economic Uncertainty: Marketing
No one will know your products and services are available if you don’t market them. As such, no one will spend their money coming to look for you. The goal for any business is to make money consistently. One of the most crucial ways to get the ball rolling is to engage in marketing. Put the word out there through many different forms; creating content, engaging traditional media or social media, running campaigns, and more.
Amid an economic downturn, engaging in marketing can seem like throwing money down the drain, but it isn’t, and that brings us to the first point;
Push Past the Fears
When consumers cut down on what they spend, it isn’t something to trifle with, but an opportunity to prepare. At some point, consumers’ needs will push them to purchase your products or services, and they will come looking for them. What if they don’t have to look, as they already know you offer such products or services?
Push past the natural fear that drives you to match the prevailing economic conditions. The downturn won’t last forever; you must also make money to keep your company operating. When it seems the hardest, seek the services of a growth marketing agency like Three29 to help you craft a strategy to beat the recession.
Show That You Value Existing Customers
A recession means trouble for everyone involved in any commercial transactions. In your case, it’s your company and your customers. The prevailing chaos is enough to sink a firm if a cascade of imprudent decisions follows the economic downturn, yet this shouldn’t be you or your venture.
Instead, show your existing customers that you value them. Yes, they are in the middle of slashing their budget down to the bare necessities, but you can still show them your business can meet their needs. By adapting to your buyer’s habits, you reveal to them that you’re flexible and can work with them in whatever situation. Thus, you earn an essential lifeline: your customers’ loyalty.
In such times, you may need the help of a full service marketing agency to help dig into the changing habits of your local customers and how to meet them at the point of their needs.
Turning a Negative into Future Positive Growth
The common English adage, out of sight, out of mind, doesn’t only apply to literature or historical contexts. They’ll focus on themselves as people scramble to button up their hatches to brave the prevailing financial storm. At this time, if you also choose to fall out of the limelight, your customers will forget you.
Instead, it would be best if you stayed visible during a recession. In this way, when the clouds blow over and your audience has the money and freedom to spend as they did, you will be the first on their minds. As other companies scramble to advertise, you’ll already be reaping the benefits of always being in the minds of your customers.
Are You In Need of A Growth Marketing Agency?
Then Three29 has got your back! Marketing any business can be a difficult and time-consuming endeavor. This is particularly true if you’re running a business and don’t have a background in marketing. Rather than step away from your area of specialization to concentrate on marketing, why not let the experts handle it on your behalf? Get in touch with us today to learn more about how we can work together.
