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How To Engage In Recession-Proof Marketing Strategies? Marketing
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How To Engage In Recession-Proof Marketing Strategies?

Sponsored post | @banglalivenews | 09 Feb 2023, 12:59 am

During the recession, consumers become super conscious of their spending habits and engage in more primary priorities, which essentially comprise basic needs. It often results in a drop in sales for many businesses. Consequently, it is common for the company to engage in different cost-cutting measures, and often the marketing budgets bear the brunt of it. However, cutting down the market by a considerable margin is a mistake. It is because marketing often brings the most revenue during a recession. Therefore, companies must engage in intelligent marketing rather than drifting their focus from marketing altogether.

 

During a recession, according to a study by Harvard Business Review, only 9% of businesses flourish. The common element in these businesses lies in smart marketing tactics. Here are a few ways to engage in recession-proof intelligent marketing strategies to bring in the required revenue and grow even during tough times. 

Focus On Pricing Strategy 

As discussed above, the spending habits of consumers change drastically during a recession. Therefore, paying attention to the pricing strategy is a must. You should consider lowering the prices; however, ensuring the price stays competitive is essential. Consequently, it is crucial to watch the competitors for the same. 

Furthermore, even when lowering the prices of the products and services, you need to make sure that the new price still allows you to stay profitable and hence, sustainable. In order to give the customers a push, consider offering discounts for the same. 

Use Social Media Platforms

If you are running a B2C business, you should focus your marketing strategy towards social media marketing. Thankfully, it is possible to engage in both organic and inorganic marketing on social media platforms. Staying active on social media platforms is a sure-shot way of capturing the attention of both existing and potential customers. 

While working on social media marketing, the focus of the business should lie in becoming an authoritative figure in your industry's niche. Furthermore, consider posting relatable social media content consistently to keep the engagement rate high. It increases the chances of sales. 

Collect Customer Testimonials and Reviews 

During a recession, to ensure that your business is running correctly, it becomes crucial to collect customer reviews. If your company has an online presence, consider running surveys similar to McDVoice. You can also give incentives to the customers to fill out the surveys like TellTheBell to increase the response rate. Such surveys will bring helpful insight to make necessary changes in the marketing strategy. 

Also, consider collecting customer testimonials and showcasing them on different platforms to build the trust of potential consumers. During recessions, consumers prefer to conduct robust research before making a purchase and good testimonials and reviews are extremely helpful in such a scenario. 

Focus On Retaining Customers 

Returning customers spend more than new customers in a business with good products and services. Therefore, it is necessary to focus on customer retention during a recession. The marketing strategies should ensure that the existing customer base is happy. 

A few ways to ensure this is by offering excellent customer services, open communication channels, and special discounts for existing customers through email marketing. 

Conduct A Marketing Strategy Audit 

Before engaging in any of the marketing strategies explained above, conducting a thorough marketing strategy audit is essential. It should be part of the recession planning. It is common for businesses to run multiple marketing campaigns simultaneously. However, different marketing tactics yield different results; hence the ROI varies for the marketing strategies. 

If you are planning to cut costs on marketing, it is crucial to ensure that instead of randomly slashing a percentage, the decision for the same is data-driven. A marketing audit helps the business to understand and forecast the different consequences of cutting marketing budgets. It also helps shed light on the marketing strategy which brings the best ROI. Based on this analysis, the businesses should focus on the main tactic that brings the firm the maximum ROI. 

During the recession and regular days, investing in data-driven insights is the key to maximizing ROI. The trends and patterns a marketing strategy audit brings out helps businesses to increase their revenue without spending mindlessly. Also, remember, a recession is also the time to get creative with all the marketing strategies. Therefore, feel free to experiment with proper risk analysis.