Business Growth in an Economic Downturn – 5 Business Marketing Tips

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The COVID-19 pandemic and associated economic downturn has impacted all businesses. Everyone will feel it. During economic downturns most business owners and entrepreneurs look at ways to cut costs. Unfortunately, many choose to minimise their marketing costs.

Reducing your marketing investment is unwise however your marketing should change. Your own prospective client base may not have the finances to continue buying your product or service. This doesn’t mean that they won’t in the future.

Alternatively, at this time you may also find that lockdowns are impacting your business. It’s important to ensure your clients know you are still there and you will continue to be when circumstances improve.

The purpose of this article is to share with you five business marketing tips that work during an economic downturn. Assess your own marketing activities and see if you are truly doing all of these things:

Educate your market – Educating your target market can take many forms but during an economic downturn there are some things that work more effectively than others. You should consider one or more of the following:

> let your clients and prospective clients know that you empathise with their pain,

> let them learn from your mistakes so they don’t have to make the same mistakes that you have,

> show some vulnerability and let them get to know you better,

> Teach an existing client how to do something practically with an existing product or service of yours they already own.

> We are in unprecedented times. You could talk about something new that you are doing so you and your clients and prospects are learning together.

Communicate regularly across platforms – This is the most important point of the whole article. You need to communicate regularly across multiple platforms with strong and consistent branding. You should have an up to date website, you need to be active on the major social media platforms and, depending on your business, you may also use brochures and flyers. Make sure your branding is consistent across all marketing platforms.

Tell Stories, don’t sell – Great stories trigger an emotional response in clients and they are memorable. If someone ever tells you that they are a rational purchaser, don’t believe them. People make decisions emotionally and then use features and statistics to rationalise their purchase.

Build trust – Your marketing should work to position you as an expert in your field. Your marketing should utilise strategic repetition so that people consistently hear the same message. Your marketing should also “wow” your customers. They are probably coming from a low base of customer expectation and providing great value, even if you are not expecting an immediate sale is a great way to build trust.

Return calls and follow up – This point is pretty simple and it’s a little sad that it has to be said – but it does. Even if someone isn’t necessarily going to make a purchase from you now if you promise to do something, make sure you do. If someone sends you an email or asks you a question, make sure that you follow up and answer their questions. If it’s an existing customer, be thankful that you still have them. If they are a potential new customer, treat them like they already are as this increases your chance of converting them in the future.

At AX Digital we can help you with your digital marketing and branding needs. Whether online or offline, we can help you craft your brand and marketing messages – ensuring your audience trusts you and will continue to use your products or services in the future.

If you have any questions or would like a no obligation quote for your business, please get in touch today.

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