So, in the face of a wave of discouraging news, we need to prepare ourselves to face all the variables that could work against our businesses. While it is true that it is impossible to predict the scope of a possible crisis and the impact it may have on our businesses , we must be prepared. These keys will help you optimize your marketing strategy in times of crisis.
7 Keys to Optimize Your Marketing Strategy in a Recession
We are not going to focus on the causes that may cause it, but I would like us to be clear about what the term means. Recession is the loss or reduction of economic activity in a country or region. It is clear to us, right? If we put it into even simpler words, it means that there is less purchasing power and therefore our customers buy less.
It is precisely in these times of crisis where the return on investment or ROI, as it is known in marketing, becomes the protagonist. It is important to redefine the objectives and optimize the strategy to keep our business afloat while the crisis lasts and, although each business or venture has its own characteristics and particular needs, I believe that these keys can be applied in any case and will surely be of great help:
Marketing in recession, strategies that you can apply to your business right now
1.- Analyze return on investment
In these times of crisis, analytics are our best friends, because we need certainty when making decisions. ROI analysis or return on investment is very important to optimize the marketing strategy in a recession. We must know exactly which actions are generating profits, with real data in order to make accurate decisions.
Knowing what really works and what doesn't is the first step to optimizing your marketing strategy.
2.- Review and readjust your goals
In the face of the changes that a recession brings, the best thing we can do is adapt and set realistic goals . To do this, it is essential to review our objectives accurately, carefully consulting the analytics.
And what should we take into account when reviewing the objectives?
We must choose those objectives that generate short- and medium-term results with little investment of resources. Marketing in a recession must be focused on sales or conversion.
3.- Return to the basics of marketing
In times of crisis, the most common action taken by business owners and entrepreneurs is to reduce expenses. With budget cuts comes the fear of losing momentum and stopping the progress we have been able to achieve so far. What can we do to overcome this setback?
Analyze which channels are really effective for your business, where you get conversions, and put your focus and energy into boosting them. Having a minimalist and functional business is the best way to protect yourself from the crisis.
Creating creative, engaging content that creates job seekers database a genuine connection with your community is the best way to market during a recession. Go for organic, valuable content and use social media wisely. Being aware of trends can be a great help, but we shouldn't let them be our focus.
And of course, you must not forget to strengthen your email marketing strategy, which, as you may already know, is a direct communication channel with people who already know you. Strengthening this bond can give us very good results.
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4.- Implement a 360 strategy
Since the main objective when designing a marketing strategy in a recession is conversion, we cannot leave any decision to chance. No loose ends, which is why I propose that we implement 360 marketing.
And what is the 360 strategy about?
It is about aligning each action with a focus on the objective we want to achieve. Especially taking advantage of each communication channel with the client to strengthen the brand message and boost sales. Creating valuable content that, with minimal effort, serves to work on a strategy on different platforms .
I have started implementing this strategy with some of my clients and we have seen very positive results, which is why I am very excited to recommend it.
5.- Focus on building customer loyalty
Increasing reach can be a bit difficult in times of crisis, when we all activate survival mode. That is why reselling becomes relevant in this scenario. A person who has already bought from us , who already consumes our content or who is already subscribed to our email list will be much more predisposed to conversion.
Repeat customers are especially important in recession marketing strategies because not only do they buy more, a loyal customer will not hesitate to recommend our products or services. They also require less investment to achieve conversion.
5.- Optimize your resources
In times of crisis, conscious use of resources is most necessary. Resources are understood as tools, implements, means of communication, time and knowledge. It is essential that we optimize everything that helps us carry out our strategy.
Analyze and choose the most effective communication channels and those that bring you leads (potential clients) or customers. You don't have to be everywhere, the important thing is to focus the investment of money, time and energy on a couple of channels that bring you clients.
Review which of your services or products have sold the most and focus your marketing strategy on them.
