5 Recession Proof Marketing Tips
Roy Morgan research has shown that Australian consumers are pessimistic about the year ahead with increased interest rates, potential job losses and increased living costs.
As a business owner, how can you prepare and adopt your marketing to prepare for what’s ahead?
Here's 5 Recession Proof Marketing Tips to attract and retain customers:
1. Know your customer and how you solve their problem
Do you have customer persona's / profiles for your ideal customer. Have you determined what it is about your offering that makes it the BEST solution for them? Consider the changing environment and if that means you may need to tweak your product or service offering to evolve with your target audiences needs, wants, desires.
2. Make it easy to do business with you
Have you mapped out your customer journey and identified any areas of friction? This is a great way to highlight how you can do things better, making it easier for potential customers to do business with you. This may include:
- changing business hours, even if temporarily
- add an online chat feature to your website
- offer free shipping
- respond to customers within X time period
- offer different payment methods and/or plans
- use a CRM to capture all customer interactions
- ensuring you can easily be found and are easily contactable
3. Know what marketing works
During a recession, it can be smart business to pull back on marketing activity... but do you know which activity to put a hold on? Instead of stopping all activity or pulling back on some, you want to be confident that you know exactly what works for you so you can look to keep that activity going, enabling you to fairly accurately forecast performance based on past results.
4. Understand the power of your existing customers
If you don't already have a solid repeat customer strategy in place, now is the perfect time to start. Not only is it significantly more cost effective to retain customers than seek new ones, they have already experienced what you offer... and hopefully loved it making it easier for you to have them buy again. They can also act as referrers or brand ambassadors for your business recommending your business to their friends and family.
5. Be consistently YOU
If you've created a robust brand strategy for your business with a unique value proposition (point of difference) that is meaningful to your ideal customer, then continue to build on that. Maybe you're known for having a certain product, or you're always open on weekends and public holidays or the knowledge you have in your area of expertise is exceptional, continue to reference that in all of your marketing & communications. And ask yourself, what is my brand promise to my customer?
If you can address these 5 tips, your business will have a great foundation for ongoing success even through challenging times.
If you're interested in finding out how What Matters Marketing can help you with your marketing, feel free to reply to this email or get in touch here.