How to Market During Recession?

All the warning signs of recession are visible and let’s face it: It is going to be bad. Many new businesses are feeling demotivated and a lot more may have cut their marketing budget. We live in difficult times but this is also a period of countless opportunities. As a business thriving in a technological era, you have to identify the spending patterns of your customers and shift your energies in new marketing strategies.


Source: The New Daily

In a recession, things are hard because finances are limited. Your sale drops. Your profits drop. But staying intact and advertising in harsh times has always created an impact for decades. It doesn't seem rational but it works brilliantly every single time.


Here are two tips to help you pull up the digital-marketing game:


Advertise on different channels:

In a way, you have to adopt a new way of thinking. Almost every business's target market is currently under a lockdown. The Corona-caused lockdown will have a prevalent effect on the habits and nature of the customers as they are more glued to technology than ever before. Of course, they won’t touch the pamphlets so traditional marketing is of no use. In the long run, digital marketing will become the only habit. Most consumers will be impacted by digital advertisements.


Source: Business 2 community

But you cannot run like a basic horse and put out sponsored ads. Play smartly. Come up with different ideas through which you can advertise your services. Put out podcasts and webinars that can direct your customers back to your website. These can be paid webinars conducted by a specialist in the company.


Tell people more about your delivery services and that you are still providing your product despite the lockdown. Learn more about customers and their desires for the future through cross interaction by coming live on Instagram, Facebook or Youtube.

Rebrand your Image

Market yourself in a helpful and empathetic light.


We understand that as business, it’s already a hard time for you as your sales have dropped hazardously. But the ones standing strongest in the tests of time retain their name in the longer run. Draw your image as a leader and helper, someone who understands the repercussions of a downturn and would rather not leave the customers alone. Introduce discounted offers, free meals or products for the underprivileged. Make interactive content that can relate to the audience.


Source: Healthscoop

Some of your content doesn't necessarily have to be about your product or company.

It can be related closely to the product so that your campaign stands in one philosophy. For example, if you own a restaurant, you can talk about tips and hacks for keeping vegetables clean without bringing your brand name up. In this way, you will gain an empathetic image and you also won’t differ from your product mix.


Conclusion:


In a recession, it’s a tough task to make new customers because their budget is limited and they do not trust spending extra on entirely unfamiliar brands. In this regard, applying the Famous Pareto rule is the best. It dictates that 80% percent of your revenue comes from 20% of loyal customers. So make sure your digital marketing aims to keep those 20% percent close.

As a whole, good communication, constantly updating your social media accounts and coming up with brilliant ideas are guaranteed ways of thriving in the market during and after the recession.