Marketing During a Recession: Why is it essential?
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The budget for marketing is often one of the first to be cut by businesses when an economic downturn hits. However, this can actually be detrimental to businesses and can worsen their position in the long run. Marketing during a recession is important because it helps businesses to maintain or increase their market share and revenue, even when overall economic conditions are unfavourable.
This can be done by promoting products or services that are in high demand during a recession, such as lower-priced or discounted items, or by positioning a business as a reliable and cost-effective option for consumers who are cutting costs on marketing spending. Additionally, effective marketing can help a business to build customer loyalty and establish a strong reputation, which can be valuable assets during a recession.
At Bark Street Digital, we are experts at what we do and have successfully created strong digital marketing campaigns for a variety of clients. We help to ensure a regular stream of new enquiries and extra income for their business. We strongly believe that a solid digital marketing team can make a huge difference to your business activities during hard times and ensures your business remains at the top of its sector in the long run.
Ways to use digital marketing during a recession
There are a variety of ways that digital marketing methods can be used during a recession. Some of the main methods of digital marketing that will result in long term benefits include:
- Cost-effective strategies: During a recession, businesses may have to tighten their budgets. Digital marketing strategies such as search engine optimization (SEO), content marketing, and social media marketing can be cost-effective ways to reach customers. Content production is extremely important in improving your online visibility as search engines also take into account how relevant your copy is and is more likely to show it.
2. Targeted advertising: As recessions approach and businesses start to assess their marketing costs, one of the first things that they tend to cut is the money spent on adverts. However, from this reasoning, it makes sense to assume that maintaining your ad spending during a recession would therefore be highly beneficial to your business if everyone else has cut their efforts, meaning your ads will stand out in a less crowded advertising space.
Platforms like Google AdWords and Facebook Ads allow businesses to target their advertising to specific demographics and interests, which can be more effective than traditional forms of advertising.
3. Email marketing: Email marketing can be an effective way to reach and retain customers. Businesses can use email campaigns to promote sales and special offers or to keep customers informed about new products and services.
- Website auditing: A recession can present a good time to perform an audit on your website, making sure its functionality and design meet your expectations and will provide potential browsers with a satisfying experience. The more concise and appealing your website is, the higher chance you will have interested clients coming to you for your services.
5. Adaptability: Continuously monitor and adapt to the market trends and customer behaviour during the recession period.
6. Emphasize on value: Highlight the value your product or service provides, such as cost savings, convenience or unique features.
7. Optimize for e-commerce: E-commerce has seen a significant rise in the last few years, and many people are now turning to online shopping. Optimize your website and online store for conversions to make it easy for customers to purchase.
What you should avoid during a recession
During a recession, it is important not to lose sight and overlook your existing customers. Though it can be easy during an economic crisis to panic and fight to ensure you keep getting new custom, the clients you have already gained can be a strong starting point to grow upon during a recession.
Focusing on client retention strategies ensures you continue to receive a steady stream of income and build strong long-lasting relationships. The existing customer base that has used your business for a while are also more likely to recommend your business during a recession, meaning you receive an organic stream of new enquiries and increased brand awareness.
During a recession, it’s important to avoid making big marketing investments that may not pay off or cutting your marketing budget too much, which can harm your long-term growth. Instead, companies should focus on maintaining or increasing cost-effective marketing strategies such as search engine optimization, social media marketing, and email marketing.
Additionally, it’s important to be mindful of consumer sentiment and adjust accordingly, emphasizing value and affordability. Lastly, companies should closely monitor and adjust their marketing mix, focusing on products and services that are in high demand during the recession.
How can Bark Street Digital assist with marketing during a recession?
Our marketing team at Bark Street Digital have significant experience in helping our clients reach their marketing goals. Our expertise in price sensitive digital marketing enables us to successfully apply a range of marketing techniques to best serve your business and increase your brand visibility.
We understand how daunting the thought of a recession can be and will work tirelessly to ensure your marketing efforts during an economic crisis put you above your competitors. We can help to put you in a prime position to become a well-recognised brand for years to come.
If you would like more information regarding our services and how we can help you and your business, then please feel free to get in touch with us today to find out more. You can contact us using the online form below or get in touch with our Director Stacey at email@example.com.
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What we Do
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