08 Nov Six tips for marketing in a recession
As the UK faces another difficult economic period, many business owners will be looking at the way their organisations are run and changes they need to make to weather the storm. In the past, we have seen many businesses neglect their marketing during a recession while they focus on staying afloat, not realising that it should be an essential part of their survival strategy, and they’ve paid the price. As the saying goes: “When times are good, you should advertise. When times are bad, you must advertise.”
Consistency is key
These days, ensuring your brand is visible is all about building and maintaining an online presence. Consistency is key. In a world where the lifespan of a social media post can be measured in minutes and seconds, if you don’t provide regular updates, you’ll be forgotten. If you’ve spent the time and effort building your brand over a number of years, now isn’t the time to throw it all away. In fact, it’s time to capitalise on the hard work you’ve put in up to this point.
Seize the opportunity to get ahead
History has shown that periods of economic downturn can provide excellent opportunities for brands who sustain their marketing activities to grow. Consider what might happen if your competitors choose to pause their marketing activity for the next six months, while you continue to promote your business. Not only will you get a better share of any spend that is available, but it will also take your competitors another six months to re-establish their presence afterwards. That gives you a whole year to dominate your market and by then it may well be too late for the competition to recover.
Take care of your existing customers
While this can be a great time to gain exposure and pick up new customers, it’s essential you do what you can to look after your existing customers. After all, it is far more effort to acquire a new customer than it is to keep an existing one. Nurturing your existing customer base is one of the best marketing investments you can make during difficult periods. Consider what would help them during this time, when they will also be feeling the financial strain, this could be anything from a promotional offer to free tips and advice.
Become a helpful resource
It’s important to remember, during a recession everyone will be feeling the pinch as much as you are, so marketing your products or services may not be the best way to go about things. Instead, why not think about how you can help? A famous example of this, was the Stork Margarine campaign during WWII. When Stork’s products became unavailable during the war, the brand didn’t stop marketing. Instead, it launched the Stork Margarine Cookery Service, providing recipes and cooking advice to help consumers overcome the problems caused by supply shortages. Following the end of the war, Stork had no problem making a comeback due to the prominence and helpful nature of its ads over the previous six years.
Refresh your marketing strategy
It’s easy to slip into a comfortable pattern of just going through the motions with your marketing, but in challenging times, it’s more important than ever to have a plan. Your marketing strategy should be flexible and evolving, informed by analysis of current market conditions and challenges your customers are facing, as well as results of any previous activities.
Outsource your marketing
When you’re trying your best to keep your head above water, it can be difficult to think about anything other than making it out alive. Putting your marketing in the hands of experts doesn’t just free up your time so you can focus on other areas of the business, it also ensures you’re spending your marketing budget in the most effective way possible. Working with an agency gives you access to a wide range of skills, from design to content creation, at the highest level. Remember, many marketing companies will also have the experience of helping businesses navigate turbulent times before (such as during Covid-19 and the 2008 financial crash and subsequent recession) and have the knowledge and creativity to devise a strategy to help you come out the other side better off.
Find out how the RONIN team can help you implement an effective marketing strategy here. Stay up to date with all our latest news by following our social media. Find us on Facebook, Twitter, LinkedIn and Instagram.