How do you plan to market your business online during a recession? It’s unavoidable and undeniable – due to the current pandemic we are facing a recession, which means as we move out of a land of abundance and into a land of scarcity, you’ll have to be working harder to get your customers or clients dollars.
The stock market is tanking, having it’s worst day since 1987, events and festivals are being cancelled, schools and public buildings are being closed, travels plans are being cancelled, and of course this will all cause a sharp downturn in revenue for businesses.
The main advice we’ve seen out there is to keep your money – and while most people are talking about hoarding cash, we’re of a different opinion. Because, as consumers, when we hoard cash we actually end up fuelling a recession by not buying, which then causes businesses to close down and lay off employees who then lose their purchasing power, in turn.
All in all, because of the economic implications of the pandemic people will be spending less, but remember, it doesn’t mean that they won’t spend. It just means they will be more careful with what they spend on, which means you need to do more to convince them you’re worthy of their hard-earned, and possibly scarce, dollar.
Now, most strategies and tips will give you high level details like “have a positive attitude, get better at sales, believe in yourself”, etc. All of that is important and there are certainly personal development measures you can take to nurture those skills, but today we’re talking about some immediately actionable ways you can maintain consistent sales during a recession.
If you’d prefer to watch us talk about how to market your business online during a recession, rather than read about it, we’ve got you:
Step Up Your Social Media Game
Obviously this is the first thing that we would mention, and there’s no better time than now to be Social Media savvy. People are going to be on their phones and laptops more than ever as they go out less and stay home more, and being active and strategic on Social Media will give you an opportunity to get in front of them and convince them to let go of some of their coins. Find out which platforms are right for you based on your industry and craft a Social Media strategy surrounding those platforms.
Use Paid Advertising
It’s a great time to put money into paid advertising, as when implemented properly they can yield direct and measurable results. Instagram and Facebook ads in particular are extremely well priced, along with giving you the ability to target exactly who you want to reach. As we mentioned earlier, people will only be spending more time on their phones and computers, and using paid ads is a great way to break through the algorithm and increase your chances of being seen.
Become A Content Creation Machine
Every brand and business should be in the media business, and therefore you should be creating content. If you haven’t been doing this yet, now’s the time to start that YouTube channel, blog or podcast because people will be home more than ever to consume it. Remember, now’s not the time to worry and hide in fear – you want to INCREASE attention on yourself. Content creation is the ultimate inbound marketing tool, which means that you can create warm leads of people who come to you because you’ve created content that reinforces your brand through education, entertainment or inspiration. Content marketing builds “know, like, and trust”, which will make people more likely and comfortable with choosing to spend with you over others.
Now this isn’t to say to discount your product. You know the worth of your products and services, and you know what your margins are. However, if there are options to offer specialty pricing, new packages or bundles, these will be great ways to incentivize your audience to take advantage of these “limited time offers” and push them to make a purchase.
In-person anything is sooo overrated anyway. While we’re all being advised to practice social distancing, use that opportunity to turn your business into an online one so you can reduce the disruption to your business. Had an event planned? Find out how that can be translated to a streaming party. Have a restaurant or storefront? It’s time to look at delivery, be it yourself or though a delivery or distribution platform like UberEats and Etsy. Are you a trainer at a now closed gym? Create an at-home workout. You get the point.