Marketing strategies to maximize your budget during a recession
The recession may limit your ability to market fully, but pulling the plug entirely is not a viable solution. Here are some ways to keep your business within its budget while still marketing effectively.
1. Market to existing clients
During a recession, your loyalty to your customers will be your greatest asset. Market to your existing customers rather than trying to win new ones is cheaper, simpler, and more effective, with a discrepancy of about 5-25 times.
Give your existing clients exclusive discounts, send appreciative emails, and so on to show them you appreciate them. Ultimately, they are the ones who make repeat purchases, retain your services, and recommend you to others. During a recession, a loyal customer base is your most valuable asset.
2. Lean on consistent branding
When a recession strikes, more effort is required. Marketing, on the other hand, may not require less effort since there's less "marketing noise" to overcome. Keeping your brand consistent and engaging your audience is what you need to do. It is essential to develop a monthly marketing plan that includes blog posts, emails, PR content, newsletters, and advertisements. To stay relevant without going over your budget, these efforts do not need to be expensive-only consistent.
3. Empower and encourage your audience
It is essential to keep your marketing plan up to date, but especially as market and economic conditions change. Ensure that your brand sends a positive message-one that is sensitive to the mood of your clients and prospects and avoids any resentment. Build a strong emotional bond with your audience by encouraging and empowering them.
The World Advertising Research Center analyzed nearly 880 case studies and found that advertising campaigns that prioritize emotional engagement were more profitable than campaigns that prioritized transactional messages, such as special offers or discounted prices during difficult times. Those advertising companies that prioritized emotional engagement were more profitable than those that prioritized transactional messages.