How to Market Your Business in a Recession
As the economy continues to struggle around the world and Britain is cast into another recession, there is a real feeling of doom and gloom and little sign of a recovery in sight.
When times are tough and cutbacks are required, it is usually the marketing budget that takes the biggest hit, meaning much more work with much less resource.
Rather seeing this as a negative, there are many opportunities available for companies to get their marketing strategy right and continue to grow through a recession.
Here are a few tips on how your business can use a recession to its advantage and what to do to keep things going when times are tough.
Focus on What Works
In marketing, it is often difficult to track the success of campaigns and monitor return on investment, but getting this right is crucial if you are to succeed in a recession. Focussing on what works and cutting out the activities that drain the budget with no return will dictate how successful you will be in growing your business in a recession.
Using premium executive gifts for your best clients instead of cheaper promotional products despatched to everyone is one way this can be achieved, by developing your relationship with those that spend money with you rather than speculative items to a broader audience.
SEO and social media marketing are also ways in which you can grow your business for a relatively small outlay and with a wide range of analytics packages available, it is easy to track your success.
Keep Morale High
One of the first things to take a hit when marketing budgets are cut is morale. Redundancies will often be made and wages frozen, making it difficult to keep staff motivated and incentivised.
Come up with more innovative ways of motivating your team than cold, hard, cash, such as team nights out and rewards for hitting targets. Creating a positive working culture will go a long way towards keeping productivity high, and when this is combined with a focus on the activities that works, you will be sure to see results.
Buck the Trend
Cutting the marketing budget is the generally accepted trend when a recession hits, but if you can afford to give it a boost then there is no better time to get ahead of the competition. If the competition is reducing spend, you can really steal a march on them if you invest wisely during a recession, putting you in a strong position once we reach the other side.
Going through a recession is rarely any fun for anyone, especially in marketing. But by focussing on the activities that work and keeping everyone in your team invested in what the company is doing, it can still be a good time to grow your business and come out the other end in a stronger position.
Author Bio - Alan Grainger works for The Corporate Gifts Company, a specialist in promotional gifts and other marketing accessories. You can follow them @corporategiftco on Twitter.