When a recession happens, businesses often cut back in various areas, and one of the most common areas is marketing. This happened with our last recession in 2008. Ad spending in the US decreased by 13%. While times feel uncertain and unstable, businesses need to maintain or grow their marketing efforts in order to prosper during and after COVID-19. As the popular adage says, “when times are good you should advertise. When times are bad you should advertise.” Here’s why you shouldn’t give up with marketing.
The fact is most small businesses have a limited marketing budget. You will notice during this time that competitors will dial back on their marketing efforts, and when this happens, they will lose their visibility with your shared target audience. Typically, when you increase your marketing, you increase your visibility in the market share. This in turn can lead to increased sales and profits.
Ad inventory still needs to be sold and during economic slowdowns you can find deals. Channels you can advertise through include search engines, social media, websites, TV stations, and radio stations. During this time, be sure to utilize your contacts at media groups.
We advertise many of our clients on Facebook and right now the social media platform is providing grants to small businesses who utilize Facebook Ads. To learn more and apply for your own business, go here.
To attract customers, your target audience needs to know why they should choose your business over someone else’s. This is where marketing comes in to educate others- both current and potential customers- about your business and how it’ll serve a need they have.
Marketing gives you business insights, and in today’s digital world where you can track a prospect’s every move in the buyer’s journey, it gives a lot of customer insights. You can learn customer’s buying behavior, experiences with your brand, beliefs and needs.
Marketing keeps your business in people’s minds after a transaction is over and before they need you again. To turn first-time customers into lifelong fans who will sustain your business, you have to establish relationships with people who’ve interacted with your business. Sending post-purchase emails, replying to customers on social media, and promoting special offers or information on new services are just a few of the ways that marketing can help you stay in touch with your target audience.
With people at home, our time online is an all time high right. Both consumers and B2B customers are doing product research online. They rely on search engines to obtain information before they make a purchasing decision.
Having an excellent reputation as a business can be the deciding factor in whether or not a customer chooses you or one of your competitors. You can build your reputation through marketing by creating content around your projects, sharing user generated content, publishing press releases, and having a case studies page on your website. It’s important to update your marketing channels regularly with current projects and testimonials so you don’t encounter reputation rot.
While setting up a shop in your neighborhood may bring in some walk-in business, marketing extends your reach and draws attention to what you’re selling so that people can buy it.
Be sure to have emails showcasing new releases, social media posts alerting customers to an upcoming sale, and online business listings that help local customers find you.
If you need help with marketing and pivoting your business, Sperling Interactive is a happy to have a complimentary conversation with you. We can be reached at (978) 304-1730 or you can use our contact page.