In Part 1 of our series on Navigating Marketing Through an Economic Slump, we looked at indicators of recession-proof businesses, why it’s important to resist the urge of cutting the marketing budget, tips on how to be strategic with the resources you have, and a deep dive into the three outcomes you need to grow during an outcome (with recommended actions)! If you missed it, be sure to catch up on it HERE!
Now, let’s turn to Part 2!
Build Value & Overcome Buyer Uncertainty
Let’s face it, the modern buyer can be – well – fickle. Trends move fast, virality shifts in an instant, and customers can be quick to jump ship when they’re not getting what they want.
During an economic downturn, it can be easy to slip into a cycle of having your team search for quick results, which is a sure-fire way to end up with a lot of “shiny new objects” and very little revenue to show for it.
Investing in long-term growth may not be as sexy as the latest marketing trend, but it’s a proven strategy for weathering economic storms and coming out on top.
Here are a few tips for building value and overcoming buyer uncertainty:
1. Be clear about your value proposition
What makes your product or service unique? Why should your target customer care?
Answering these questions is essential for any business, but it’s especially important during a downturn. When customers are feeling uncertain, they’re going to be more choosy about where they spend their money.
Make sure your team is crystal clear on your value proposition and can articulate it in a way that resonates with your target customer.
2. Focus on quality over quantity
It’s tempting to try and do more with less during these times, but cutting corners is usually a mistake. When it comes to content, for example, sacrificing quality for quantity is a recipe for disaster.
Your goal should be to produce the best possible content, not the most content. This may mean doing less, but it will be worth it in the long run.
3. Build trust with your audience
Trust is important in any relationship, but it’s especially important in business. During a downturn, customers are going to be extra cautious about where they spend their money.
You can build trust with your audience by being transparent, delivering on your promises, and providing a great customer experience.
Don’t worry marketers, this isn’t a call to end creativity. Instead, it’s a call to double down on what works and get creative within the context of proven strategies.
Setting Your Company’s Marketing Strategy Up for a Tough Economy
When you are in the thick of day-to-day business, it can be tough to see the forest for the trees. That’s why it’s important to take a step back and assess your marketing strategy on a regular basis.
Bringing in an outside expert can often uncover hidden opportunities and help you get a fresh perspective on your business.
Your business can grow in any economy. The trick is finding the right set of tactics and strategies to get you there.
If you’re ready to take your marketing to the next level check out our “Transform Marketing into a Profit Center Package.” Our guide is packed with actionable tips and insights to help you make the shift.
