How to Market Your Business in a Recession
Business has been pretty easy the last 9 years.
It's ok to admit that.
It's a credit to business owners like you that we've had such a strong economy.
But eventually we'll be in another recession. It's fairly easy to see when you look at the economic cycles. A recession is coming.
But that's not the only challenge.
Ad costs are rising.
Eventually, many businesses will go from 400% ROI on their digital advertising to much closer to break even.
How can your business combat both a weaker economy AND rising advertising costs?
Don't worry, we've compiled a list of the best practices to make your business recession proof...
So what's a smart business owner supposed to do when these eventualities actually happen?
A smart entrepreneur is already planning for this.
Below are the best strategies for marketing your business in a recession.
Step 1: Setup a Funnel
The goal is convert a new webpage user into a customer by reaching them a minimum of 7 times throughout the first week of their visit.
This is the best way to add layers to your marketing approach.
Creating a funnel will help insulate your business from a recession, as well as save you from rising advertising costs.
Step 2: Add Depth to Your Business
Adding upsells is a little trickier.
You can add them to checkout, but a customer is unlikely to increase the value of the product they initially wanted.
Your best bet is to retarget them heavily via an email drip campaign.
Alert them to the benefits of upgrading to this higher ticket product, and pump out content to them once per day until they opt out.
If you add upsells and downsells to your business, I guarantee you'll start seeing a minimum of a 20% rise in profitability.
Step 3: Capture Emails
While this step is pretty much implied in our talk about creating funnels...
But I can't stress enough how important this is.
It's not just important to capture emails, it's critical that you use them as a regular part of your marketing strategy!
Step 4: Go Organic
Don't lose sight of what's at the heart of your business...
The people.
One of the best ways to market your business in a recession is to step up customer service and organic search engine rankings
Follow up with leads, poll your audience and take feedback on improving the overall customer experience!
In addition, put out a lot of content and build your backlinks for SEO to rank higher on Google and Bing.
Conclusion
In conclusion, make sure to put these steps in place if you want to effectively market your business in a recession or compete in a market with rising ad costs
1. Step up a funnel. You need to touch your customer an average of 7 times before they convert into a sale. Put this into place and get your marketing channels on auto-pilot.
2. Add depth to your business. Optimize your checkout for downsells. Setup an email drip campaign for upsells. Never stop reselling to your current customer base, as that will always be the cheapest audience to convert.
3. Capture emails. It is the only asset your will ever own in the marketing world.
4. Go organic. Don't forget to use organic marketing tactics like customer service and SEO.
If you follow these 4 steps you will be able to effectively market your business in a recession or compete in a market with rising ad costs.
What strategies are you using to market your business right now? Are you going to use any of these 4 techniques?
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He is a husband and father of two. The Online Marketing Media and Advertising publication
calls him one of the top marketing professionals under the age of 40. He is the founder of Payton Media and technology investor. He is a die hard
Eagles fan, and can occasionally be seen harassing the referees at a Sixers home game.