The soft economy has impacted everyone, ranging from wealthy executives down to blue collar workers, and unemployment has hit an all-time high. With all the effects of this recession impacting small and big businesses, is it possible to earn a profit in this dismal economic climate? It’s not only possible but attainable if you’re smart about your marketing materials! It’s hard enough for businesses to succeed in a healthy economy, let alone in a recession, but your business can be profitable. To keep your business afloat and earning a profit, consider implementing these five marketing strategies specifically suited to recession-proofing your business.
- Join Forces – Smart marketing during a recession means you think outside the proverbial box for cost-effective solutions. A great way to promote your business during a recession is to join forces with other businesses that complement yours (meaning they won’t take your clients). For example, if you operate a catering company, you might team up with a wedding planner or an event planner and send business each other’s way. You can also team up and send out joint marketing materials, share the cost, and reach out to both sets of customers.
- Keep Your Message Light and Fun – According to customer service expert Dr. David Freemantle, the most successful companies are usually the most likeable. Businesses who display an upbeat, lighthearted and fun message connect with a wider group of people and are more likely to attract old and new customers. People naturally tighten up their spending during a recession, but your message can help inspire people to loosen up the purse strings for your business.
- Don’t Cut Your Marketing Budget – Instead of cutting your marketing budget and reducing your marketing materials, maintain your marketing budget and trim the fat in other areas of your business. The only way to successfully gain new customers is to market your business. According to McGraw-Hill Research, out of 600 businesses studied, those who maintained their marketing budget saw a 25 percent sales growth versus those who trimmed or cut their marketing budgets, so don’t be afraid to spend money on marketing materials.
- The Importance of a Personal Touch – If you want to inspire customer loyalty, give your business the personal touch by showing customer appreciation any way you can. Depending on the type of business you operate, you can have customer appreciation sales or discounts, send birthday cards or include a gift with purchase. Personalize as much correspondence as possible so that customers know you care about them and your business.
- Show-off Your Business – Don’t let your customers forget why your product or service is an invaluable part of their lives (or should be). Remember that your customers, even the most loyal ones, are probably on a stricter budget, so give them good reason to purchase your product or service. Showcase the inherent benefits of your product or service so that customers have a valid reason to purchase from your business.