10 Marketing Strategies to Grow Your Business During an Economic Downturn

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Grocery bills are up, companies are laying off employees, and interest rates are on the rise. It’s clear that we’re at the cusp of a recession. And while we may not be officially in an economic downturn, individuals and businesses are preparing for one. 

The question is, how do you market when everyone is tightening their budgets? 

Despite the economy changing, people and businesses are still spending, just more strategically. So don’t freak out and cut your marketing budget just yet! Typically, recessions only last about a year. Think of the impact you could have if you adjusted your marketing strategy for a recession – during and after a downturn. 

Here are ten tips on how to adjust your marketing strategy to keep driving revenue during an ever-changing economy. 

1. Double Down on Key Customers 

Take a moment to focus on the customers who keep the lights on. Strengthen these relationships and ensure they continue coming back or remain happily retained.

Ask yourself, how are your customers using your products and are they using them consistently? If not, find ways to help them better understand your product to improve usage. Providing top-tier customer service is a simple step toward retention. To add to that, building out loyalty programs and special offers can go a long way in retaining customers without negatively affecting your bottom line.

2. Identify High ROI Channels

This is a big one – when budgets are generous, we can test and experiment with different marketing channels. Maybe it’s a new social platform or trying out different landing pages. But as budgets get tighter, it’s crucial to identify which channels lead to high conversion and ROI.

Marketing analytics tools like Dealtale can help you determine which channels have the most impact on your revenue. Check out our Customer Mapping dashboards to learn how to understand which touchpoints are driving the biggest conversions.

3. Invest in the Right MarTech Tools 

Speaking of marketing tools – now is the time to identify the right marketing analytics tool! Yes, the goal is to save money, but finding the perfect tool is the key to a strong foundation for a strategic marketing plan. Without the right tools, you won’t know which channels are working, what content is converting, or what your customers are experiencing.

Dealtale can help you answer those questions with our new Marketing Co-pilot. Simply ask performance questions, and instantly get answers so you can make data-informed decisions. Learn more about this news story by The Drum

4. Continue to Build Brand Awareness 

Just because times are tough doesn’t mean you should go radio silent. Remember, your competitors are also thinking of new ways to reach their target audience. When people are ready to spend again, you want to be top of mind. So it’s more important than ever to continue your awareness and brand campaigns. 

This is also a time to get creative. How can you reach your ideal customers during these challenging times? Take a step back and analyze what has worked with your current customers. Then, think about how you can amplify those successes on a larger scale.

5. Get Strategic About Content Marketing

You know what doesn’t cost a thing? Creating great content. Seriously, your in-house team can create new and engaging content that sells your brand. But let’s not just create content for the sake of it. During an economic downturn, the goal of strategic content is to strengthen both current and future customer relationships. 

Work with your sales team to identify the most beneficial type of content for your customers. How can you help potential leads overcome hurdles and current customers address roadblocks? Take these ideas and turn them into organic content like social media posts, blogs, videos, or even podcasts.

6. Identify New Audience Segments 

During a downturn, it’s possible to lose key audiences due to budget constraints. But hey, this doesn’t mean you can’t find and attract new audiences who may not know about your product yet.

Since people are rethinking their budgets, new audiences may be more open to switching to a cost-effective provider like you. Not to say that you should go all in with brand new markets. Instead, work with Sales and Business Development to see if there are new subsegments you should explore. Plus, expanding to new audiences can not only boost sales and revenue, but also diversify your customer base.

7. Start Co-marketing Initiatives

If you’re feeling the pinch on your marketing budget, one way to lessen the load is by sharing it. That’s why co-marketing during a downturn is so important. By teaming up with a trusted partner, you can split the cost of a campaign and double your resources at the same time. The key is finding the right partner who shares your goals. Once you do, you’ll be able to create a campaign that reaches twice the number of people for half the cost. 

8. Strengthen Your Digital Channels

Digital marketing can be recession-proof: it’s a low-commitment way to make a big impact on your customers and leads. For example, just tweaking your landing page can significantly increase your leads or reinventing your content can change the brand perception on social media. 

Now’s the time to optimize your digital presence. With the right analytics tool, you’ll have all the data you need to improve your digital channels and increase conversions. 

9. Be More Empathetic in Your Messaging

If you’re feeling the effects of the economy, chances are your customers are too. One simple way to show empathy and strengthen your brand identity is to tailor your marketing messaging to acknowledge these difficulties. By creating conscious messaging that speaks to the needs and concerns of your customers, you can demonstrate that your business is more than just a corporation. It’s a human-driven enterprise that truly cares about the people it serves. This kind of empathy will go a long way to strengthen your customer relationships and brand identity. 

10. Don’t Stop Marketing 

The biggest take away from this piece is: don’t stop marketing. Even during an economic downturn, people and businesses are still spending money. By continuing to market strategically, you can maintain and grow your customer base, stand out from competitors, and position yourself for success when the economy rebounds.

Preparing for a downturn starts with the right marketing analytics tool. Learn how Dealtale can help you thrive during a recession.

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