ps for Mastering Marketing in a Recession
It is difficult to market during a recession. Marketing budgets are cut as customers tighten their belts and businesses struggle to maintain profitability. You can overcome all of these obstacles and still produce good marketing. You will gain a foothold in your market and become even stronger if you focus on producing marketing content that is valuable to your audience.
This rule is important at any time but it is especially so during a recession. This was most evident during the Pandemic when smart brands acted as resources for their audience and formed stronger bonds. Unfortunately, marketing teams are acting out of fear at the moment, instead of using this opportunity to experiment.
Michelle Kim, VP of Brand Design for VideoAmp, expressed this sentiment in her most recent episode of the Best Story Wins Podcast. Kim’s team is not afraid to experiment, but always with the audience in mind. This is something we appreciate greatly. Kim reminded us to not rest on our laurels. Kim shared with us three tips for a successful marketing campaign during a recession. We hope that these tips will help you and your team to be as successful as VideoAmp.
3 Tips for Successful Marketing in a Recession
You’re not the only one who has felt a struggle in these past few months. This is the perfect time to review your efforts to ensure that you are reaching the right people. Here are three ways to achieve that.
Listen to the people.
In times like these, it doesn’t really matter what you sell. In a recession people’s priorities change. In a recession, people are more concerned with their financial security and basic needs. In the B2B world, this translates into job security. It is important to adapt your message to your audience and listen to them.
Re-examine marketing personas and look at the pain points and wants of your customers. What might a recession do to those people? What are they looking for more help with? What do they want to escape from? What kind of marketing content could help them to navigate more easily? Select three pain points, and brainstorm content to meet their needs. You can start by using these ten tips to help your audience in a difficult time. It is important to note that templates, tools and resource roundups are all great content for reducing stress and making things easier.
2) Create a feeling of security.
Recessions can be frightening, turbulent and disruptive. People are therefore looking for security and stability. They want to be sure that they can trust their business partners and know that their money will be well spent. It is important to cultivate trust and provide your customers a sense security as a marketer.
During the COVID-19 outbreak, for example, many businesses refocused their marketing efforts on health and safety, knowing this was their audience’s top concern. Restaurants emphasized their contactless delivery services, while retailers marketed their online shopping platforms. Understanding their customers’ concerns allowed these businesses to reassure them and provide a sense security.
Trust can take many forms. It’s more than just brand integrity and reliability. People feel better understood when you show that you know what they are going through, or share the unique solutions to their problems. The best way to show that you are knowledgeable and have helped others is to tell a customer story. Check out our tips on how to create compelling customer success stories.
People need something to lift them up and give them a little escape in difficult times. You can do this as a marketer by creating campaigns to bring happiness and joy to your customers. There are many ways to achieve this. They don’t require a lot of time or money.
Create content that is both entertaining and inspirational. Consider sharing inspirational stories or user generated content that highlights your customers’ positive experience with your brand. Humor can also be a powerful tool to help people relax, and even forget their worries for a brief moment. Share things like Behind-the-scenes photos of your culture or relatable memes. You can also share pet pictures, playlists from companies, and other things to make people laugh.
Consider creating campaigns to give back to your community. Many people struggle during a recession. Charitable campaigns can lift their spirits and create a sense community.
Don’t be afraid to experiment
The most important thing is to not let a recession make you do less. You may feel tempted to hold on and just keep going, but this is an excellent opportunity to try something different. It can be an excellent time to realign and strengthen your team.
You should always be focused on the needs of your customers and find creative ways to meet them. You must have the right marketing infrastructure to consistently create high-quality, consistent content. If you are looking for a partner, or to improve your internal processes (check out our FAQs to begin your search), you should focus on creating unique stories that speak to the needs of your audience.
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