Marketing During a Downturn: How Your Business Can Communicate Amidst a Looming Recession   

I come to you today with advice I don’t want to give: How to market and communicate about your business during a looming recession.

As we approach the new year, our country is also expecting an economic downturn that’s anticipated to impact jobs, GDP, business growth and development, and the workers at those companies.

I help lead the economic development industry vertical here at Chartwell, so the negative implications of a recession are something that could significantly impact our clients – they’re the job growers, cargo movers, logistics planners, and men and women who work very hard to spur growth in our communities.
Now, maybe a recession won’t happen. I’m not here to argue that point. However, I’m here to give advice on something I do know a lot about: the value of marketing and communications for your business at any time, but especially when the going gets tough.

Here are some tips for you to consider for this year and its unknowns:

Tip #1

Talk directly to current customers and illustrate your value about why you and your company make their lives better and easier. At a time when people are insecure about spending, customer loyalty is an asset on which to capitalize.

Tip #2

Change your messaging based on shifts in consumer spending. It will be tempting to recycle content. Though it’s faster when you feel spread thin, you must keep your content fresh and speak to the needs of your customers. Consumer spending habits change, and so should your marketing campaigns.

Tip #3

Leverage organic or earned opportunities, like robust public relations and social media plans. There are cost-effective approaches that allow you to get your message out, target ideal audiences, and gain credibility without the hefty price tag of some advertising campaigns.

Tip #4

Get creative about what service lines you can market. Whether they are old or added, your business exists to help your clients and customers. Innovation can spur growth, generate leads, and might just be the answer to what the world is seeking. During the Great Recession in 2008, Netflix launched its streaming service. Airbnb launched as an alternative to expensive hotel stays. Dollar Tree and Walmart reported growth as they worked to meet the budget needs of consumers.

Tip #5

Don’t cut out your marketing budget. We’re not just saying that because we’re a fully integrated marketing and communications agency. We’re saying that because we have proven time and again that allocating resources to your marketing initiatives has a return on investment.

Whether it’s maintaining brand loyalty or recruiting new customers or clients, getting people to know and understand your value will be critical as we all weather this next storm.  

If you need help evaluating your current marketing approach, contact Chartwell Agency.  We’re in this together and would be happy to help your business succeed.