Mental Health and Wellness in the Workplace
August 3, 2022
How B2B Sales Changed Due to COVID-19
August 5, 2022
How to Successfully Market Your Products or Services in Times of Economic Instability
The start of the 2020s has been challenging, particularly for business owners and entrepreneurs. With lockdowns and people losing their jobs, consumer spending has declined and so are sales of non-essential goods and services. Fast-forward to 2022, the ongoing world events put pressure on fuel prices and other necessities, causing other goods and services to increase costs as well.
Decline in sales and consumer confidence can happen when the economy is unstable or when costs of goods and services are increasing. Consumers are more likely to tighten up their budget, instead of spending on non-essential products and services. This can impact businesses, especially smaller ones. Small businesses frequently lack the resources to get them through trying times. The good news is, implementing a few strategies in advance will help recession-proof your firm so it endures and even grows during economic downturns.
First things first: Don’t cut back on marketing
When circumstances are tough, many small businesses make the mistake of drastically reducing or even eliminating their marketing budgets, but this is precisely the period when your small business needs marketing the most.
The public is restless. They are constantly trying to alter their purchasing choices. Get your name out there to make it easier for people to find your goods and services and decide to use them rather than others. Keep up your marketing. Increase your marketing initiatives instead of cutting back.
When consumers have money to spend again, they naturally gravitate toward firms that continue to market themselves during an economic instability to keep their names top-of-mind. You’ll be surprised to hear that boosting marketing during a downturn might actually result in expansion.
Additionally, when you continue your marketing initiatives despite a recession, you are sending a message to your audience of strength, leadership, and strategic thinking—all qualities that customers are seeking out in these turbulent times. Your clients and prospects will be drawn to whatever level of steadiness you can offer, even if you are not at your best.
On the other hand, cutting back on marketing during an economic instability will lessen your online and offline presence, giving plenty of room for competitors to fill in the gaps and keep their names on top of consumer’s minds.
Market your products or services to current clients
The only real asset you have in an economic instability is a loyal customer base. Instead of concentrating your efforts on acquiring new customers, it is more affordable, simpler, and unquestionably more effective to sell your products to your current audience.
Show your appreciation for your current customers by staying in touch with them, sending them thank-you emails, offering them special deals, and more. After all, they are the ones that use your services again and again and even better, they can refer other potential customers to you.
Create deep emotional connection with your audience
Making sure that your brand is projecting a good message that is tuned to the delicate mood of your clients and prospects and stays away from any animosity is a critical step in this process. To create a deep emotional connection with your audience, your messaging should uplift and empower them.
In fact, the World Advertising Research Center’s study of roughly 880 case studies revealed that advertising efforts that stressed emotional involvement were more successful than those that promoted transactional signals, such as special deals or discounted prices during a trying time.
Develop a reliable branding
Maintain audience engagement while being consistent with your branding in times of economic instability. Try creating a monthly marketing strategy plan that may include any combination of blog posts, emails, PR content, newsletters, and adverts. These initiatives are not as expensive as other channels and help you stay relevant without going over your budget. They just need to be constant.
Learn more about current affairs in the B2B space that may impact your organization
Corporality Club hosts regular events to empower business leaders and entrepreneurs and to facilitate meaningful connections and address challenges in the B2B space. Check out our upcoming events and buy a ticket. You can also sponsor our events to gain exposure for your brand.
