In good or bad times, marketing is essential. Not only does staying active communicate to customers and prospects you’re coping well, but it gives them the assurance you’re a reliable brand or business. As a result, they’ll have the confidence to continue doing business with you. In a slowdown, confidence is a critical attribute.
While it can be difficult to continue marketing in challenging times, it should not be abandoned altogether. With proper planning and creativity, it can produce the desired results. In the least, it can help you arrive in better shape on the other side. In this post, we’ll explore 4 marketing ideas for your business.
1. Stay in touch
As mentioned above, visibility is important. Thanks to social media, you have a number of ways to stay in touch with customers and prospects. However, it is important that your content is sensitive and relevant to the prevailing circumstances. You don’t want to come across as opportunistic.
Utilising the appropriate channels matters too. Ideally, you should be using the social media channels your customers and prospects regularly rely on, whether it is Facebook, Instagram or LinkedIn. If your brand or business does not have a presence on either of these, now might be the time to change this.
2. Reward and incentivise loyal customers
In a slowdown, your loyal customers are critical in curbing a dramatic slide in sales. Their continued patronage of your products and services is vital in keeping your cash flow in positive territory. Hence, it makes perfect sense to reward or incentivise them. If you run a loyalty program, you could thank them for their continued support and custom by increasing the number of points they have. Or, you could consider offering gifts with every purchase. The bottom line is that loyal customers must be made to feel special.
3. Repackage or re-bundle your offering
People’s disposable income shrinks in a slowdown. As such, they may be curbing their spending, purchasing essential items rather than their favourite products and services. The same applies to B2B businesses too. To overcome this, you may consider repackaging or re-bundling your products and services. For example, if you offer bookkeeping services, you might add payroll management or quarterly review with the basic service you offer. By making them more affordable, you’ll lower their resistance. It might shrink your margins, but in a crisis, this takes a back seat.
4. Develop alternative payment plans
Where possible, most people would continue with their buying patterns and preferences. Too many changes can be disruptive. Having said that, in a slowdown, they’ll be tightening their belts a lot more. They’ll be more price-sensitive too. You might be tempted to lower your prices as a result, but this should not be considered too early. Instead, you should look at alternative payment plans or options, depending on your existing pricing structure.
Marketing effectively in a slow down will put your creativity and entrepreneurial acumen to the test. But it can be done. Connect here for more ideas.