Are you ready for the long haul? It’s easy to turn marketing dollars into sales when there’s more money to spread around and room for mistakes. But what happens when that changes? Have you built a strong foundation based in results as you pivot your brand to meet client needs in trying times? You’ll definitely know soon.
We’ve come up with some options for businesses looking to decrease the impact on their sales funnel in a sea of uncertainty, but first and foremost we would like to continue to encourage messaging and visuals with a focus on public health and safety no matter the industry or the medium from which they hail. Put your business first by putting the patrons and employees who make it possible first.
Meet the Challenge Head On
Denial, though a natural response, can be a dangerous position to take. By accepting the new economic reality ahead, messaging and actions taken beyond business as usual can build camaraderie with clientele and create a natural strategy selection. Focus on existing clients first as it is cheaper and easier to reinforce existing trust than to build new relationships. And plan for a longer sales cycle. It may take clients longer to make buying decisions as their needs are fluctuating during this time. Keep steadfast, and continue to reach out as they figure it out.
Get Your Voice Out There
It is very tempting to pause all spending as demand wanes. But as competitors slow down their messaging, it may create the best opportunity for you to cut through marketing noise and gain the attention of a new audience. Of course, it is especially important to be certain your marketing dollars are being well allocated. So, pay especially close to conversions and audience engagement results, and only reinvest into what is working now as it may be different from your top-of-the-market data.
Double Down on a Strong Brand
You have spent years building a brand to prove you have more to offer than your competition, and watering that down can be a dangerous business. Businesses with strong brand loyalty will see significantly less customer attrition during an economic downturn than those seen as a commodity. A product can be replaced, but a favorite brand cannot. The emotional connection is worth more than the product itself, so maintain your riches by sticking with the niches.
When in Doubt, Low Cost Options Will Out
If you do feel like your marketing budget needs to take a hit to keep business afloat, there are many inexpensive marketing strategies available to you that can still create big results: email marketing campaigns to rekindle relationships with past customers, SEO marketing to catch new eyes, gathering user reviews and testimonials to build trust, content marketing to turn your website into the best member of your sales team, and social media marketing to stay visible.
As they say, when the going gets tough, the tough get going. Though we aren’t yet certain of how it will happen, attitudes and habits of the American public will change as a result of current economic hardships. The best way to make sure you are meeting their needs and being heard is to continue to take part in the conversation and build a stronger connection to your target markets.