7 Tips for Marketing Your Small Business During a Recession
Whether you're running your own small business or you have to market your company's products, selling during a recession can be difficult. People are worried about saving money; they aren't spending frivolously and throwing cash around on impulse buys like some people tend to do when times are good. Luckily, there are still ways to market your small business during a recession without paying through the nose for every little exposure you get. Here are seven tips for marketing your small business during a recession to help you get customers through these tough economic times.
1) Use Social Media
When marketing your small business during a recession, one of the best things you can do is use social media. Social media advertising is inexpensive, and you can reach a large audience with just a few clicks. Social media is a great way to connect with potential customers and build relationships. Facebook advertising is one type that's worth trying if you haven't already. All Facebook advertising requires is an image or video advertisement, text ads, and link ads. Link ads are designed to take people from Facebook directly to your website. They're helpful for capturing leads and are much cheaper than banner ads because they only require a bit of code that links back to your site. Text ads, meanwhile, allow you to insert text in certain areas where people are most likely looking at their screens. You can also create custom audiences based on people who like specific brands or pages related to your industry. For example, if you run a pet grooming salon, you could target people who want pet groomers near them so that they know about your services. Once again, this doesn't cost very much and is worth exploring when marketing your small business during a recession.
2) Develop Relationships With Influencers
Social media influencers can be a great asset when marketing your small business during a recession. You can tap into their networks by developing relationships with influencers and reaching a larger audience. Establishing relationships with social media influencers may take time and effort, but in the end, it will pay off. These are some things to keep in mind when working with social media influencers: -Know what they're looking for: There are many reasons why people work with influencers. For example, they might want money or fame. Knowing what they're looking for will help you decide if an influencer is worth your time and resources.
-Connect before asking them to collaborate: If you've never interacted with an influencer before, there's no point in asking them to collaborate on a project until you have established some level of connection between you. And if there isn't, don't expect any form of collaboration from them because it's not worth their time or energy. -Be transparent about what you're offering: The most successful collaborations happen when both parties know exactly what the other party has to offer. It should go without saying that influencers should know precisely what they'll get from partnering with you before agreeing to anything.
-Offer a mutually beneficial arrangement: Successful collaborations come from both parties feeling like they benefit from the partnership. Offer them something they need as well as something you need. For example, maybe they want more followers and likes, so you could offer to post links to their blog posts on your Facebook page. Perhaps you need blog content written by a more knowledgeable person than yourself so they could contribute to writing an entry for your blog every month.
3) Get Creative With PR Opportunities
When marketing your small business during a recession, getting creative with PR opportunities can help you get the most bang for your buck. You've been trying to get press coverage for months, and nothing has come of it? It's time to think outside the box.
While getting free exposure from bloggers and podcasters is an option, why not consider pitching an interview or guest blog post about how you started your company when someone has expressed interest in writing about entrepreneurship? Alternatively, if you are looking for free promotional items to give away at tradeshows or networking events, create branded merchandise such as pens and t-shirts that promote your company's services. These promotional items will do wonders on social media too!
4) Encourage Visitors To Buy From You Directly
Creating a robust online presence is essential to encourage visitors to buy from you directly. This can be done by optimizing your website for search engines, using social media to promote your brand, and running targeted online ads. You should also ensure that your website is user-friendly and offers a great customer experience. Finally, offer incentives such as discounts or free shipping to encourage visitors to purchase from you directly.
5) Update Frequently Without Overextending Yourself
Recessions allow you to review your marketing strategy and make changes without breaking the bank. One way to do this is by updating your website and social media platforms more frequently, and this will help keep your business top of mind without overextending yourself. Also, post engaging content that can be shared on other sites. You can always go back later and add in new content or edit old posts, but having a consistent schedule allows you to continue adding new material without feeling like you're drowning in work.
Many small businesses forget that they have a brand reputation, which means you should always stay professional on all platforms. Remember that your reputation keeps customers returning - even when times are tough!
6) Connect Offline And Online
The key to marketing during a recession is connecting with your target audience offline and online. Traditional offline marketing tactics like print advertising, direct mail, and television commercials can still be effective, but you must also have a solid online presence. Utilize social media, email marketing, and search engine optimization to reach your target market where they spend most of their time—online.
7) Stay Positive
In times like these, it's easy to get caught up in the negative. But if you want your small business to survive a recession, staying positive and focusing on what you can control is essential. Here are seven ways you can make marketing decisions that will help your small business weather the storm:
1) Spend less money on marketing or other aspects of running your company; this is an excellent time to cut back wherever possible.
2) Invest in free marketing- use free tools like Facebook or Twitter to promote what you do.
3) Offer special promotions- people are more likely to buy during a recession when they know they're getting something extra.
4) Offer discounts- this will attract customers and motivate them by making them feel brilliant about saving money!
5) Create new products or services- make sure that people have something new and exciting to look forward to.