6 Proven Business Marketing Strategies to Grow During a Recession Protect your business from the looming recession with these business marketing strategies! Help ensure your business has long-term growth.
By Jed Morley Edited by Chelsea Brown
Opinions expressed by Entrepreneur contributors are their own.
In 2022, the United States is fortunate enough not to be in a recession. However, the odds of a recession in 2023 are on the rise. Experts predict there's currently a 30% chance of recession, and that number has doubled over three months.
As a large or small business, it's essential to have a plan if a recession hits. Luckily, there are several recession-proof business marketing strategies that you can use. These marketing ideas will help your business continue to find success, even during a recession. Continue reading, and find out how you can fuel your business growth:
Related: 9 Smart Ways to Recession-Proof Your Business (Fast)
Strategy 1: Focus on customer experience
Today's market values authenticity and excellent customer service. Around 65% of Millennials are willing to pay more for customer experience.
The best businesses know that happy customers give great reviews and spread the word quickly. It's much easier to market your business when customers have already mentioned your company as one of their favorites. In fact, word-of-mouth marketing is a critical factor in 74% of purchase decisions. It drives six trillion dollars of spending every year.
By focusing on customer experience, you're saying that you want to be the best in the market. There are a few ways you can improve the customer experience:
Provide quality products: In the event of a recession, customers will be even more careful about what they spend money on. Make sure your products and services are of high quality and that customers will be happy with them. This puts you in the good graces of your target market, because you're providing a quality product or service.
For example, if you're selling shoes, you need to make sure that the shoes are made of high-quality materials that will last for a long time.
If you're providing a service, you need to ensure that your services are always completed promptly.
Provide high-quality customer service: Customer service is dying in America. Everyone talks about making customers happy; however, many companies fail to deliver the expected level of customer service.
You'll never be able to make everyone happy. However, you need to make sure you're delivering excellent customer service. Make sure that when customers walk in the door, you do everything within your power to show them you're honest, reliable, quick, efficient and friendly.
Sometimes the best customer service you can provide is just listening. Take the time to really listen to your customers and build a partnership with them.
Always look for ways to improve: As a business, you should constantly find ways to improve while still providing high-quality services. What can you do to make your products or services better? Can you reduce the price? Can you reduce the wait time? Can you provide a guarantee on your products or services? This is the time to go above and beyond to impress your target market. Let them know that you're different from your competitors.
Related: The 5 Best Digital Marketing Strategies to Empower Your Business
Strategy 2: Improve your conversion rates with automatic emails
All businesses can improve their conversion rates. The most important thing is to ensure that you're sending out automatic emails to your customers.
By promoting your content through email marketing, you can ensure that you're reaching each one of your customers and getting them excited about your products.
Strategy 3: Analyze your competitors
Analyzing your competitors is one of the smartest strategies you can use. By analyzing your competitors' content and their backend search engine optimization (SEO), you can capitalize on what they fail to do.
Strategy 4: Use social media to engage with customers
Social media is a fantastic way to get your business in front of the eyes of larger audiences. By having a robust social presence and a solid social media strategy, you can drive interested consumers to your online store.
By ensuring that you're interacting with customers on social media and establishing yourself as the authority in the niche, you can guarantee that you're getting the best possible sales and reviews that your business can get.
It's also important to build a strong social media presence through exclusive content. It's not enough to simply post your content online. You need to ensure that it's only available to your customers on your social media sites. This will encourage a strong relationship between your customers and your brand, which will drive up your conversion rates by encouraging customers to share your content with their friends and family.
Related: 6 Crazy Effective Growth Hacks for Your Next Content Marketing Campaign
Strategy 5: Use content marketing to attract customers
Content marketing is a strategy that allows you to attract potential customers by providing them with informative and valuable content. With content marketing, you can reach a larger audience of interested consumers and drive sales and traffic to your online store. Here are some tips:
Create a blog and keep it updated: Creating a blog and keeping it updated is an excellent content marketing strategy you can use to attract interested consumers. A blog is a fantastic way to share knowledge and information with your customers, and by blogging and keeping your blog updated, you can guarantee that you're always being current and up-to-date with the market. Blogs are also a fantastic way to build backlinks to your site, which helps influence your search engine ranking.
Publish content that inspires customer interaction: Publishing content that inspires customer interaction is one of the most effective ways to improve your conversion rates. You can build a next-generation marketing strategy by creating content that encourages customers to share their own experiences with your products.
Strategy 6: Don't forget to track your progress
With this final strategy, you can see if your marketing strategies are working. By using a backend analytics tool, you can confirm that you're actually seeing growth. This will allow you to tell if the marketing strategies that you're using are really working.
There are many business marketing strategies out there. However, by using the right strategies, you can ensure that your marketing strategy is recession-proof.
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