Hard economic times do not necessarily translate to bad business. A business can utilize creative, pocket-friendly marketing strategies to help them survive a recession. For instance, the whole cosmetics industry rose during the great economic depression.
Companies tend to relax their aggressive strategies during a flourishing economic time because the profits are on track and the cash flow is solid. Nonetheless, shrewd business people put in place crucial business strategies that will enable the business to sail through tough times and accomplish long-term success.
Enterprises cannot keep employing the typical marketing strategies during a tough economic time. They need laser-sharp, creative and cost-effective marketing to survive.
Here are some of the simple techniques to implement during hard times.
1. Give the Website a New Look
No, this doesn’t mean hiring a web designer to redesign the website- the goal is to improve your digital marketing at little to no cost. So, how about employing something simple like updating the old copy? You can do this yourself.
A website is arguably the most valuable marketing tool available for businesses today. A website is an ambassador of your business on the internet and the best digital marketing strategy to attract more traffic and increase sales.
Companies need a clearly defined website marketing strategy to succeed and thrive in harsh economic times. Tough economic times give entrepreneurs a chance to review their business models.
When the business is slow, shrewd marketers take advantage of this time to refresh the business website.
Take time to review and rewrite all the written copies on your website pages. During tough times, it is essential to have clear, simple, and accurate content on your homepage. Ensure that the content describes the products and services perfectly. Review, rewrite, and update the contents of your website to ascertain that you are addressing the target audience. Posting relevant content will grow your business by generating more leads and sales.
Review and update your contact details on the website. Updating the contact information includes putting active phone numbers for each service offered or department. For example, posting different numbers for each service will make it easier and faster for clients to reach the relevant department.
Listing all contact numbers for each department will be more convenient than having a single contact number. In addition, activating click-to-call functions will encourage the customers to contact you through their phones.
When you consider the stiff neck competition that comes with a harsh economic climate, make it easy for your customers to engage you by ensuring all the contact functions are operational.
2. Revamp Your Social Media Sites
Social media marketing is a strategy that requires creativity and inventiveness. Time has proven that companies cannot undervalue the benefits of employing social media marketing. A study by co-schedule confirms that 78% of businesses involved in social media marketing outsell their competitors. Therefore, enterprises must revamp their social media sites during tough economic times.
Revamping involves reviewing all contents on the site to ensure that they correctly describe the products or services offered.
The process may also include uploading recent photos of products. When giving your social media sites a makeover, ensure that your sites have incorporated the new marketing tools recently introduced by various service providers.
Revamping your social media sites grows your brand awareness, augments your traffic, and increases your sales.
3. Use Knowledge-based Blogging
During tough times, people tend to be picky about products and services. They will be inclined to buy products or services that they already know.
Hence, introducing a knowledge-based business blog that precisely elaborates on the benefits and uniqueness of your products or services is a game changer.
The blog can contain articles on how to use the products, how to replace certain parts, and detailed specifications. Blogs are best for building customer trust, reinforcing your brand, driving conversions, and differentiating your business from its competitors.
4. Amplify Your Email Marketing
It is essential to keep communicating with your customers via email, especially during economic hardships.
These emails do not necessarily have to be business-oriented – send some encouraging messages or quotes to show that you care and understand what your clients are enduring.
You can also utilize this opportunity to inform your customers about discounts, special offers, or free services that you are offering to cushion them during tough times.
Although email marketing has been around for a while, it remains a relevant marketing strategy. Email marketing is best suited for creating personalized content, gathering feedback, increasing leads, and generating more traffic to your website.
5. Get Busy on Your Video Channel
A video channel is like an audiovisual version of a knowledge-based business blog. If you don’t have one, consider creating it and share useful information with your audience. Hot video channel content can include,
- product demonstrations
- integrated tutorials
- well-thought-out skill
- leadership clips
Link video marketing channels to the company website and social media sites. Creating a video channel puts you ahead of your competition, as the younger generations prefer to watch a video rather than read text.
Furthermore, it is easier for a video to go viral, increasing your brand awareness exponentially. Video channels increase your ranking in search engines, influence purchasing decisions, enhance conversions, and grow revenue.
Tough economic times demand innovative strategies to keep the business afloat. Innovative methods do not have to be very costly or time-consuming.
Simple techniques such as updating your company website, social media sites, introducing a knowledge-based business blog, amplifying your email marketing, and introducing a video channel can help your business survive when cash is tight.