Marketing in a Recession: 10 Ways to Succeed with a Strong Brand Presence
Recessions are hard on everyone. While consumers worry over rising costs, businesses often panic about having to reorganize and cut spending.
Changes to interest rates, rising inflation, and slower markets can send shockwaves of uncertainty, where even the most resilient companies risk making calculated errors. However, marketing in a recession can still be successful with a strategic approach.
How Does a Recession Affect Marketing?
Many companies make major cuts to their marketing in a recession—laying off workers and slashing their budget. Extreme changes can send the message your business is in trouble.
Instead of panicking, evaluate your strengths and weaknesses to organize a plan. To help, we’ve created this list of 10 ways to thrive with your marketing in a recession, thereby maintaining your brand’s presence while avoiding the mistakes your competitors are likely to make.
1. Be Consistent with Your Brand Presence
A recession is a time for companies to concentrate on clarity, both in branding and awareness. Don’t make drastic changes to your look or messaging—familiarity is vital to your long-term customers.
While your competitors rush to rebrand and reduce their marketing budget, keep a level head. Surviving a recession is about your visibility and reliability.
2. Don’t Cut Your Marketing Budget—Readjust It
A recession sends ripples of panic and uncertainty through markets. Businesses of every size will make critical errors trying to anticipate the worst-case scenario.
The best approach to marketing in a recession is to lean into what you know is working. Optimize your budget—don’t cut it.
3. Don’t Be Reactionary—Be Strategic
A recession is a time to draw from your strengths. Dig deep into your metrics, analyzing past and current key performance indicators (KPIs) to discover ways to fine-tune your strategy. Collect and track data to make measurable results.
4. Think About How a Recession Shapes Your Customers’ Buying Habits
Customers need to be heard and understood. How are tough economic times impacting their buying habits?
For example, customers may worry about losing their jobs or being unable to keep up with rising costs. They’ll be cutting out luxuries, going bargain hunting, and often breaking from long-term loyalty in search of better deals.
At the same time, people will cling to familiarity in uncertain times. By remaining consistent and present, you can nurture your connection to your customers, displaying reliability and trust.
5. Get Them Talking with Word-of-Mouth
Word-of-mouth has long been regarded as the best form of advertising—people trust unsolicited opinions from buyers more than ads. Online reviews and ratings are even more important during a recession.
This isn’t just about more sales, it’s about building trust. Use all of your touchpoints to encourage your customers to leave reviews.
6. Use YouTube Ads to Stay Connected to Your Customers
With YouTube video ads, you can create a steady flow of content, reassuring people your brand is strong and resilient. Boost awareness and engagement, and nurture your customer loyalty with videos that resonate with their needs.
Channel Factory offers custom YouTube advertising solutions, including easy-to-use self-service software. This takes the guessing out of the equation and assists you with optimizing your video content for maximum results.
7. Maximize Your Visibility with Videos
When marketing during a recession, focus on optimizing your videos. For instance, add captions. People often watch videos with the sound muted, so captions mean they can remain immersed in your content without losing the message.
8. Focus on Customer Loyalty
Emphasize the high value you place on loyalty. Create tiered pricing to give your customers flexibility and options. Or, offer a customer loyalty program to reward recurring purchases.
9. Email Your Customers
You’ve got an email list—marketing in a recession is the perfect time to make your email list work for you over and over with little added cost.
Try these four promotion ideas to keep them opening your emails:
- Offer discounts when customers share a referred link with their friends
- Send exclusive offers
- Offer an incentive for customers to leave positive reviews
- Share stories that express the unique selling points of your products
By emailing your customers consistently and often, you’re reinforcing how you value their loyalty.
10. Invest In Content Marketing
Content marketing is an effective and affordable way to boost visibility. Your competitors will probably make the mistake of cutting back on content, helping you stand out even more.
Great articles can build product awareness and boost engagement when you share them through social media and emails.
Get the Most from Your Video Ads with Channel Factory
YouTube video campaigns can underperform if they’re not properly placed.
Channel Factory’s expertise is providing you with better suitability—which means better performing ads. Our proprietary ViewIQ software analyzes all of YouTube in real-time to maximize the perfect context for your videos.
If you’re ready to get the most from your marketing budget, let Channel Factory help. Get in touch with us today!
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