If the world’s financial experts are to be believed, there’s a recession right around the corner. Experts warn that there will be a US recession by 2020 and Australian economists are predicting that we’ll see the downturn on our shores a little earlier than that. To help you batten down the hatches we’ve put together a list of 5 marketing ideas to help you recession-proof your business.
5 Marketing Ideas to Help You Recession Proof Your Business
Loyalty Programs for Existing Customers
A bird in the hand is worth two in the bush, and now is the time to be focusing on strengthening the bonds between you and your existing customers. Implementing a loyalty program is a great way to say thank you to your customers for their loyalty. Use a rewards program to encourage customers to reconnect if they’ve recently changed to your competition.
Consider New Markets
During a recession, some industries are hit harder than others. If your regular customers are likely to be hit hard by the recession, now is the time to diversify your customer base by reaching out to new audiences. Consider how your products might be beneficial to people in other industries. Need to develop an aquisition program? Kwik Kopy can help!
Think Local Marketing Ideas
When times get tough, communities tend to focus inward, so it’s a good idea to start thinking with a more local area marketing mindset. Get active in the community, put up at the local football field, or support some local charities in exchange for advertising. Start connecting with the people nearest to you so that when things get tough they know who you are.
Step Up Your Social Media Marketing
Social media marketing is always a good idea, but particularly when money is tight because it can be very low investment. Get some logos and digital banners professionally designed and start building up your followers. That way, when things get lean later on, you’ve got the platforms all set up and the customer base all ready to recieve your message.
In times of economic uncertainty people tend to value stability. Your customers want to know they can rely on you and your business. That’s why we recommend implementing a regular marketing campaign. Whether it be a monthly direct mail campaign or a weekly email newsletter, the reliability of your campaigns will instil a sense of stability. When the ground feels a little shaky, they’ll remember you.
In lean times many businesses make the mistake of cutting back on the marketing budget, or even cutting it out entirely, and often it’s their downfall. If possible, now is the time to step up your marketing efforts. Not sure where to start? Contact your local Kwik Kopy Centre today to find out how we can help.
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