How to keep SMASHing your marketing in the face of a recession
During times like these, it can feel like marketing is a lot of hard work. You have to double down on your efforts to convince consumers that your brand is worth it, even in the face of continuing financial uncertainty.
At Smash Creative, we believe that marketing shouldn’t be an endless loop of frustration and disappointment. Even as the economy experiences its regular ups and downs, you can still take advantage of existing buying power and SMASH your way to success.
Appealing to Every Type of Buyer
You may have already tailored your marketing to particular groups and niches depending on your product’s intended use and ideal environment. When the economy takes a downturn, it’s time to look at your target audiences with fresh eyes.
The Harvard Business Review says that when a recession hits, you can sort all consumers into one of four categories. The first group is a more vulnerable segment that will slash personal costs whenever and wherever possible. The second is equally fervent in eliminating short-term costs but holds out hope for long-term financial goals.
Of course, not all customers immediately reorganize their entire budgets when they see prices rise. The third category of consumers tends to have more disposable income but remains choosy about larger purchases. The final sector is unwilling to give up on any of its favorite purchases and would do just about anything to avoid abandoning its financial objectives.
When the stock market starts to trend disfavorably, it’s essential to tailor your response to whatever style of buyer you regularly bring in. If the consumers that most often buy your products tend to pinch pennies when times get tough, prioritize keeping prices as low as possible and offering discounts and bundle deals. This way, your items and services remain accessible to this demographic.
For customer groups with larger budgets, you may have to turn down some of the flashier elements of your advertising. Middle-upper-class consumers may not be seeking to buy items that flaunt wealth. Instead, lean into the aspirational aspects of your products. Consider positioning your products as discreet yet specific paths to comfortable wealth or stability.
Getting More “Bang” for your Buck
When a recession seems imminent, it may be tempting to start slashing your advertising budget wherever possible. In many organizations, cutting back on advertising is a surefire way to lower overhead costs while removing a minimum number of people from their roles.
However, don’t immediately bomb all your hard-earned investments in marketing as soon as the economy takes a hit. If you do, it’ll create even more work when consumer spending inevitably bounces back.
As mentioned, start by meeting your usual target audience wherever they’re at. Appealing to the tactics that matter most to them, whether saving anything they can or quietly picking up some fun new purchases, can mean the difference between a returning customer and an abandoned sale. If you don’t already, heavily promote your loyalty program. Customers will appreciate your awareness of their repeated purchases.
With your usual consumers squarely in mind, you’re ready to take another look at your overall marketing budget. Redirect funds into ad channels that have given you proven results in the past. When it becomes apparent that a new campaign may need to be implemented, rely on strategies that have worked well for other brands or even competitors.
Here are a few tactics that are easy on the budget.
- Banner Ads Marketing & Retargeting
- Email Marketing
- Double down on creative content
- Keep your team motivated
The Power of Positivity
The power of positivity is an important tool that business owners should take advantage of in tough times. When faced with challenges, it can be easy to become overwhelmed with negative emotions such as fear, anxiety, and stress. However, if you can find a way to stay positive and focus on potential opportunities for growth and success, you will be able to better handle the hardships.
One way to keep a positive attitude during tough times is to remind yourself that these challenges are temporary and will eventually pass. By remembering this, it can help you stay motivated and focused on the bigger picture instead of getting caught up in the tumultuous turbulent nature of the situation at hand. It can also be helpful to look for silver linings by seeing what lessons or insights you can take away from each challenge that you face.
In addition, it is important to surround yourself with people who are supportive and have an optimistic outlook on life. Being around like-minded individuals who have similar goals and ambitions as yours can help motivate you during difficult circumstances. Furthermore, having people who understand your journey can provide comfort in knowing that they are there for both the good and bad moments along the way.
Finally, don’t forget about self-care which is essential in maintaining your mental health when facing hard times. This could include anything from spending time outdoors taking long walks or hikes, doing yoga or meditation, reading books or listening to podcasts/music/etc., writing in a journal or simply spending quality time with friends and family! All these activities offer support and give you something else besides work-related tasks to focus on which makes them invaluable tools when dealing with challenging situations.
Surround Yourself with the Right Team
Marketing is never a simple job, which rings especially true during a recession. When money becomes uncertain, the most important investment you can make in your brand is keeping the right people in the right post. Make sure the people in charge of your advertising have the experience and industry awareness to make the right moves.
When your campaign needs a unique boost to get more eyes on your brand, turn to the team at Smash Creative. Our group of experienced professionals is ready to help your brand SMASH its way to the top of your industry. We focus on crafting effective branding and marketing campaigns that align with your brand’s goals and values.
Want to learn more about how we can help you build your own brandwagon? Drop us a line. We can’t wait to start SMASHING!