Marketing During a Recession – How to Survive and Thrive

We have had a tough couple of years, and all facts and figures point to a recession.

What is a recession?

A recession is a temporary period of declining economic performance, usually characterised by a fall in Gross Domestic Product in two successive quarters.

Recessions manifest through changes in consumer spending that ultimately force businesses to make tough financial cuts to maintain their bottom line.

Most businesses cut their marketing and advertising budget during tough economic times, but this is a grave mistake.

For example, during the 1990-1991 recession, Mcdonald’s cut their marketing spend significantly. Pizza Hut and Taco Bell, on the other hand, took advantage of McDonald’s reduced presence and put more effort into retaining their respective markets. At the end of that period, Pizza Hut and Taco Bell saw an increase in sales by 61% and 40%, respectively, while McDonald’s sales plummeted by 28%.

Amazon’s sales also increased by 28% during the 2008-2009 recession. This goes to show that your business can still grow during the recession if you use the right marketing tactics. In this article, we’ll share tips and tricks to market your business during the upcoming recession.

How to market your business during a recession

Stay consistent with SEO

It is easier to move up to page one of search engine result pages during the recession. When companies relax their marketing efforts, take advantage of the minimal competition to improve your organic search rankings. Create quality content that earns backlinks to help build your brand’s trust and credibility, use keywords, add title tags and headlines, and use relevant keywords.

Take advantage of PPC advertising

The recession can be an excellent opportunity to stand out and increase your brand visibility. With fewer companies advertising on platforms such as Google Ads and Facebook Ads, take advantage of the cheaper rates and better advertising space to promote your brand. Also, reduced competition means more eyes on your brand, so use clever marketing tactics to capture the attention of customers while you still can.

Increase branded content

Content goes hand in hand with SEO and other marketing efforts, so content marketing will be an integral part of your digital marketing strategy during the recession. Branded content sets you apart from the crowd and provides an opportunity to establish your brand as an authority figure in the industry. Use different forms of content, including blogs, articles, videos, social media posts, etc., to communicate your unique value proposition and remain relatable to your target audience.

Prioritise reviews and other forms of social proof

During a recession, customers are very keen about their purchases. If they have any doubt about the quality of your product or service, they will abandon their cart and check elsewhere. Use reviews, testimonials, and other forms of social proof to increase conversions. Reviews are especially important because <a href=”https://www.inc.com/craig-bloem/84-percent-of-people-trust-online-reviews-as-much-.html”>93% of customers</a> trust them as much as personal recommendations from friends and family.

Be consistent on social media

Engaging your target audience on social media allows you to build trust and further establish your brand identity. It also helps increase brand awareness, especially today, with the help of viral videos. Ensure that you post consistently because social media content becomes obsolete very quickly.

Leverage your email list

While customer acquisition is crucial during a recession, do not ignore your existing customers. Connect with your most loyal customers through an email newsletter to keep your brand and products in their minds.

Offer promotions and deals

During a time when everyone is trying to save money, promotions such as buy one get one free, gifts, giveaways, free shipping, etc., can go a long way in attracting customers and increasing sales.

Marketing during a recession can be challenging, but don’t stop doing it. Optimise your budget, be smart about your priorities, and, if possible, get professional help. This will ensure your very finite resources give you a good return on investment. Contact us today, and let us help you plan the best digital marketing strategy for business moving forward.