So, it's official, the country is now in recession. It's not surprising really, given the events so far in 2020, but what does this mean for businesses?
Many businesses have successfully adapted or 'pivoted' their products and services already this year... If it's one thing that 2020 has taught us, its that we CAN adapt, and we WILL survive! Here are my 5 simple tips for adapting your marketing strategy to remain successful through the recession:
Don't cut your marketing spend / efforts, but rather look to reposition them - by focussing your attentions in the right place, your marketing can still be effective (because people do still spend throughout a recession)
Do some research into your target audiences 'recession' behaviour - depending on your product and service, you may find an increase in demand! Or by making a small tweak to your current marketing strategy that you can tap into a new audience
Review your digital presence - The world is online now more than ever. Make sure your website is up to date, get it checked for performance in terms of SEO (not sure how - ask me!). Look at what social media channels you are active on, and consider if now is the time to jump onto any new ones
And whilst we are talking social media - take some time to review which platforms are working best for you (most have fab insight tools, which if you haven't used before might reveal some surprising info!) Any platforms that are not working so well you can consider 'parking' for a later date - focus on what IS working
Keep in touch with your existing/previous clients - it's a no-brainer! They already know, like and trust you, and have experience of working with / buying from you. So if you are making any changes to your business or repackaging your service offer or changing your product line, be sure to reach out and contact them first!
Instead of thinking about the recession as a negative, see it as an amazing opportunity to gain visibility ahead of competitors that aren’t keeping up their marketing efforts.