With the increasing unpredictability of the global economy, most businesses fear the possibility of an impending recession. It can impact a business of any size, however, small to medium-sized enterprises are more prone to it. According to the experts, this particular time period is going to be worse than the impact of the Great Depression and have long-lasting effects on the economy. In recession scenarios, customers cut their expenses resulting in decreasing business revenue. Having future-driven marketing strategies will help your business withstand the recession 2023 in an effective manner. Here are the top 7 recession-proof marketing strategies for your business.Â
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Benefit Social Media Reach
In recession scenarios, social media can be the most powerful tool for companies to withstand it. Social platforms like Instagram, Facebook, and Twitter offer a wide range of opportunities like engagement with the customer and branding to flourish businesses of all sizes. By benefitting from the reach of social media to share content, running ad campaigns and creating brand awareness, a business can expand to a wide audience and generate more revenue. Furthermore, social media marketing is one of the best marketing strategies to generate high returns with the least amount of money. It is an ideal solution for enterprises looking forward to cutting down marketing expenses during the recession 2023.Â
Creating A Strong Brand Image
One of the key marketing strategies businesses usually avoid is focusing on brand image. In 2023, building a strong brand identity will help you gain the trust of your customers and build consumer loyalty because they recognise you as a genuine business. The need to build a strong brand image is high during the recession because consumers are more likely to stick with the companies they trust. Businesses should focus on creating a brand image that is clear and consistent with a message and vision. Moreover, brands that use social media to keep in touch with the customer and invest in brand awareness campaigns, can withstand the recession 2023.
Review Your Product And Pricing
One of the best marketing strategies is to continuously review your products, services and pricing to stay competitive in the market. Ensure that your prices align with the costs, if your expenses are low, then you can reduce the prices without affecting your profit. Lower your expenses to stay competitive with other businesses in your domain.
Focus On Consumer Retention
Businesses need to spend more money on onboarding new customers, since focusing on customer retention will not only generate more revenue but also save precious funds. According to a study by business.com, existing consumers spend 67% more on average than new. Prioritise serving the current customers in a better way by offering customised solutions along with offering after-sales support. Build a strong relationship with the existing customer to create a streamlined revenue stream to help survive the recession 2023.
Multiply Revenue Streams
One of the effective marketing strategies is to diversify the revenue stream in order to avoid the economic shutdown affecting your business. Enterprises can also look for other products and services to help them generate more income in different markets and industries. By multiplying revenue streams, businesses can reduce the dependency on a single market or product and minimise the impact of recession 2023.
Offer Valuable Services
Another way of sustaining your business in recession 2023 is to offer value-added services. Value-added services mean providing more than just a product, like giving free shipping or reward points on the purchase. A software company can train its customers to use the tool for better productivity and growth. Providing such kinds of value-added services will enhance the consumer experience as well as differentiate you from the rest of the companies, ultimately helping you create a loyal customer base.
Shutting Down Your Marketing
Turning off your marketing will save some money in the short term but in the long run, it is severely going to affect your business. The decrease in marketing costs is directly proportional to sales, and furthermore, it costs more to shut down your marketing in the current conditions and turn it on while you are in profit. Not turning off your advertising is one of the best marketing strategies to survive the recession 2023.
In conclusion, an economic shutdown is severely affecting businesses of all sizes. However, by implementing these seven marketing strategies, it will be easy for you to withstand the recession 2023 and come out stronger than before.