As interest rates continue to rise, the housing market slumps, and supply-chain issues plague the United States, many people are bracing for recession. But this does not mean that you should cancel your marketing budget. Instead, look for marketing verticals that allow you to reach your customers where they are and with the sentiments they need to hear.
As one of the leading PR firms in the Charlotte, NC-area, McKeeman Communications says that it is possible to stay in the black even during an economic slump. Keep reading for tips.
Prepare For A Slowdown
PR firms across the country have begun cautioning their customers to prepare ahead of time. A slowdown is likely coming, and that means more challenges keeping consumers informed, happy, and willing to part with their hard-earned money.
Spend Wisely
Most companies spend anywhere from two to 20% of their overall revenue on marketing endeavors. While it is tempting to reduce this to a dollar amount to try and match the market, this is a mistake that may leave you lingering in the shadows. Instead of cutting the budget, look for marketing verticals that offer the best ROI. For 2023 and beyond, this will likely be social media and consumer outreach that builds personal relationships.
Diversify
While social media is an exceptional marketing tool for today’s business owners, most PR firms recommend spreading your proverbial eggs into many baskets. Utilize multiple social media sites as well as print, on-air, and word-of-mouth marketing to reach as many consumers as possible.
Tap Into Your Nurturing Nature
Ultimately, your customers are what keep the doors open. As they, themselves, prepare for possible layoffs and reduced budgets, you must take a caring approach to your customer service endeavors. Look for ways to alleviate their fears while also helping them become more emotionally attached to your business. You might, for example, host an open house so that you can meet your customers in person.
Create Strategic Partnerships
While it’s easy to think that POS sales are the be-all and in-all of revenue, this simply isn’t true. Look for partnerships that can help expand your reach far beyond your initial marketing outreach efforts. You might, for example, work with local businesses to create a discount program for mutual customers. You can also get ahead of potential price increases by speaking with your vendors about ways to reduce costs so that you don’t have to pass added expenses onto your own customers.
PR firms are predicting a proverbial economic storm. This does not mean that you can’t weather whatever may come your way. As a business owner, you have to look for ways to recession-proof your marketing plan. This begins by preparing for a potential slowdown and ends with stronger relationships between you, your vendors, and your customers.
Visit McKeeman Communications online today for more insight into current marketing best practices.