Why Market During a Recession or Lockdown?
Many reliable accounts have reported that the United States shall experience a recession as early as 2023. Even discussing the possibility of recession is scary enough for any business leader. It is disturbing and stressful. Also, the case of a recession looming ahead is distressing as many businesses are still reeling from previous recessions. So, today we are going to talk about marketing during a recession.
Well, when it comes to marketing, it is about sending the right message to the right people at the right time. Marketing is all about the needs of your target audience. What you market, where you market, and how you would need to change if the circumstances require such a change in consumer behavior.
During the recession, business owners struggle with where to cut costs to prepare for the tough times ahead. However, reducing or removing the advertising budget altogether is not wise. Instead your business should invest whatever limited digital marketing budget it has into intelligent and strategic marketing campaigns and get closer to your goals. Studies reveal that companies can achieve higher ROI and survive for a long when they strive ahead with a marketing plan during a lockdown or recession.
Marketing during Recession
Below are some reasons and considerations for businesses To market during the recession
People spend money even in a recession. But they would prefer having a small number of competing businesses. If your rivals cut down on their advertising and marketing, it gives you a more straightforward path to boost your business and get more customers.
Creativity is your Best Bet
Innovation and creativity could take you to new heights even during a recession if you utilize the marketing budgets smartly. Only focus on your unique and creative ideas and work on them only. These ideas will help you stay afloat.
Avoid Price Hikes
Although it is not wise to decrease the allocated marketing budget and prices, you should keep them the same during the recession. Rising costs to maintain the status quo could backfire big time. Instead, focus your energy and talents on savvy and strategic marketing instead of resorting to increasing/decreasing prices. Companies that engage in the back-and-forth debate of price lose significant market share to businesses that stick to their pricing and direct their energies on marketing.
Marketing is a Long-term Investment
Always think of marketing as an investment in the future for your brand/business. This perception could pay off significantly during economic events like a recession or lockdown. Advertising and marketing lead to immediate sales and help secure future sales as your marketing messaging and content constantly come in front of them. When they never stop hearing your name and seeing your ads, potential customers will remember your company even after the recession.
It’s all about Timing
If your company has got what it takes to survive the recession, then all it needs to do is focus on the timing of its marketing efforts. It can time its efforts and gauge when customers will be more inclined to buy from you. For example, the recession’s mid-point could be when consumers are likely to spend money. At that time, you would want them to recall and remember your business before spending.
Ensure Your Marketing Efforts Pay Off
During the recession, the essential aspect of marketing is ensuring that your marketing counts. All that you do for marketing your products or services. You need to follow the latest trends and keep yourself updated. Make ads that engage the viewers and grab their attention right away. They should contain strong visuals and imagery that viewers cannot ignore. It should urge people to engage with them immediately.
Think of what worked out for your business in the past. Then, you can re-apply those techniques during a recession or lockdown.
Evidence suggests that the companies that emphasized strengthening their marketing efforts during a recession or lockdown are more likely to ride out the challenging wave of recession and emerge more profitable and vital on the other side.