Recession is a scary word. You start to panic and think the worst. It’s not good to panic, but it is good to be prepared. Finding and creating solutions before a problem even occurs will put you in a good financial position, and it all starts with selling your brand. Here’s a quick guide for marketing during a recession.
You might think this is the time to cut back on your marketing budget, but you would be wrong about that. Even if people aren’t spending like they used to, you still have a responsibility to keep your business consistent.
You want the same customers to keep coming and new ones to stop by. Whatever tactics you use right now, don’t cancel them. Create a fund solely dedicated to marketing so that money doesn’t dip into other financial areas. Don’t mix your finances because then things will get messy.
Transparency has little to do with your clientele. You don’t want to tell them you’re struggling because it doesn't sell well. Being transparent applies to you and your team only. Your employees are the ones who need to be in the know.
Any fear circulating creates room for rumors and mistakes. Let your staff know where the business stands financially. With their knowledge, they could brainstorm some ideas and tactics to keep things solid. You may not see much of a profit increase, but you don’t want to see a decline. Consistency is always better.
Remember the Basics
The basics are always good, and they work for a reason. Traditional marketing skills will always work in your favor and might be cheaper than modern options. Focus on the physical characteristics of the storefront.
Stay consistent with the store fixtures and displays because they draw your customers’ attention the most. At Global Display Solution, we know all about proper signage and how to strategically place them inside and outside of stores.
Businesses that deal with expensive clientele will probably keep their prices consistent—those customers won’t be affected much by a recession. If you work on the other end and deal with mid-level customers, you will need to make price adjustments.
Make your prices more affordable for that level of clientele. Keep in mind that it doesn’t need to be too affordable because you still need to cut a profit at the end of the day.
Recessions are an adjustment for everyone. The consumer and the seller need to alter a few things so they can still live comfortably. The one thing that should never suffer during a recession is your marketing, and hopefully, this guide proves that. For more information, visit our website!