9 Tips to Marketing in an Economic Downturn

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Lately, there's been a lot of buzz around how to promote your business during a recession. There is equally as much confusion around the 'guilt' in doing so.

I get it.

It's tough seeing friends lose their jobs, entrepreneur colleagues closing shop, people getting sick, and the grave economic climate of today. But as a leader in your space, more people are turning to you to see how to get sh*t done.

Not to add more pressure…

But you HAVE to lean into this opportunity.

And the way you approach things has to be a little different, maybe even scrappy. Be ok with that. Even in all this craziness, my clients are still seeing success. Some have shifted how they approach marketing, and others have changed their business model to accommodate their customer’s needs:

• One client picked up the phone and called her physio clients and got 100% success in booking them virtual sessions.

• Another client has taken the extra time to work on the little things that she thought weren't fruitful and has landed a new gig.

• Just last week, another client tweaked a few things on her website to target her secondary customer segment and got more listings.

When you think of marketing and promoting your business during these difficult times, it doesn't have to cost you money or require a huge pivot. It could just mean being super creative with your offer and time. You also need to rethink what marketing implies to your business. During these times, it’s more than just ads, social media, and networking. You need to look at the current landscape, your industry and what your clients are living through. 

Here are some tips to keep your business running during a recession:

1. Stay motivated. It’s a mindset thing. Don’t be so quick to make big decisions for your business. Take the time to write up what you need to do now, next week, and next month and plan that accordingly. You need to stay motivated through this. Remember: be the example - your customers are watching.

2. Focus on existing customers. It’s cheaper to retain a current customer than it is to find a new one. Your #1 marketing priority right now is to focus on retaining the ones you’ve got. 

3. Deep dive into your customer’s current psychographic behavior. The ideal customer profile you created months or years ago is now enduring something he/she has never experienced before, which means their behavior has changed. Even for those that are still getting paid, there is this overwhelming fear and panic surrounding them. Humans adapt and so they change as the world around them changes. If you’re not on top of their shift, you can easily lose them now and forever. Harvard Business created the four profiles of consumers during a cunning market: Slam-on-the-brakes, pained-but-patient, comfortably well-off, Live-for-today. Each demographic except for the Live-for-today segment, do cut spending, but not all. If you position yourself well and your benefit is  clear to them, they will bucket you into an ‘essential.’ Always position as an essential ;)

4. Be scrappy. Pick up that phone. As we continue to be inundated with emails and other marketing messages, more so than before it seems, your customers and future customers need more 1-1 as much as they can get. This means calling prospects, following up sooner than you would normally, and sticking to the process. You will have to take on a few roles that you may not want to, but consider it a great refresher. Who knows, maybe you’ll discover something in the process that needs to be refined. 

5. Rejig your copy. While keeping focused on your core message, look at ways you can refresh your messaging. Do you need to be hypersensitive? Do you need to be franker? Do you need to add more fluff? Look at your website, the bio’s in your social media accounts and all your key messaging. What can you rejig?

6. Test a new channel. If your current means of attracting customers is oversaturated, consider what other channels may work. Is it time to start blogging, TikToking, or finally hitting publish on your podcast? Again, look at where your customers are and what are their current pain points, then find them and solve their problem.

7. Be sensitive, but wise. People are hurting physically, emotionally and financially so it’s not the time to try a crazy hyped up approach for your business. Consider the environment in which you’re promoting yourself and if all else fails, ask one of your spiritual and earthy friends to review your marketing copy before it goes out. Now’s not the time to be selling to people’s fear. Market, but don’t push. Promote, but respect. 

8. Post way more on social media. If you’re still on social media, you have to play to the algorithm gods. Posting more often, with more high-value content is needed. Create a schedule and stick to it. If you need a hint at what this means, check out this article by Louise Myers.

9. Create an up/down-sell. If your high ticket package is not selling, don’t bring down the cost (too much), instead consider a down-sell. Maybe this is a watered-down version of your signature course or an unbundled version of your package. What can you splice off to sell at a lower rate?  Create an upsell. If your lower ticket options are selling like hotcakes, then create an upsell. For example, if you sell lip balm create a boxed set or a subscription. If you sell marketing strategy-only services, consider offering implementation as well. If you are in real estate, consider upselling a “Move-in friendly” package where you project manage the cleaning, maintenance and move-in day stress for your client. 

In all this don't forget your value! Don’t forget what you stand for and who you’re serving. It may be tempting to grab for that shiny object. Don’t. Stick to your standards and always emphasize what you do best. You can and should be marketing your business during a recession. Focus on your core customers and always eye the horizon -- what can you get ahead of now? Where are your competitors missing the mark? You are capable -- believe in yourself!

PS - If you need a 1-hour deep dive into how to implement any of the above tips, book a Strategy Session with me. We will discuss the ideas you can start to implement today to not only retain your current customers but get new ones.

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