In addition to changing the landscape of physical contact with others, the COVID-19 pandemic has also affected the economy. As a result of the pandemic, many companies have had to pivot their brand advertising strategies, and economists predict a global recession that will test their mettle.
It doesn’t mean a company can’t advertise during a recession, just because it’s looming. In fact, a solid business website combined with an advertising plan can help you survive-and even thrive-in tough economic times.
With a focus on both digital advertising and print advertising, such as newspaper ads (no, not completely dead its niche specific though), this article will reveal nine tips for advertising during a recession.
>>>Related Post: Top-Level Branding<<<
The Effects of Recession on Consumer Behaviour
Understanding how your target customer’s priorities have changed is the first key to a successful advertising strategy during a recession.
In tough economic times, fear and uncertainty rule. Despite the slowdown in the economy, if you want more phone leads, for example, consumers haven’t stopped spending just because of it.
A recession affects consumer spending differently. Each purchase is more carefully considered (for example, is it a luxury or a necessity?).
There are four categories of consumer needs:
- Essentials: Essential items and services.
- Treats: In a recession, many still enjoy luxury items that are justifiable in their eyes.
- Postponables: Purchases that can be postponed but are still considered necessary.
- Expendables: Items that are generally viewed as unjustifiable or even unnecessary during a recession and are unlikely to be purchased.
Your brand voice should be tailored to your target audience
Your target audience can feel the effects of a recession just by being in one, after all we are all more socially connected and there is no escape from social media to news channels the pandemic alone is proof of that.
In a recession, you don’t want to accentuate the negative.
During these challenging times, your brand needs to be calm and reassuring.
Keep your target audience coming back to your brand by making it a place of solace. By using fear or gloom and doom, you might scare them off.
Use data to make decisions
Now is the perfect time to explore your data if you haven’t done so before, gather all your successful social media posts, successful SEO implementations etc.
Whether you want to check your customer database behaviours, your marketing response rates, or just analyse seasonal trends, now is the time to get started.
Examine what has worked and what hasn’t in the past. Take the time to learn as much as you can about the habits and behaviours of your customers
Brand Rediscovery
It is possible for certain brands to shine despite bad circumstances. Anyone offering deep discounts might see a surge in business during a recession, in our experience money off web design, hosting or SEO services are always welcome.
Furthermore, we started offering our customers the option to pay with interest free instalments on larger purchases to help them manage during these trying times for us all <3.
Your recession advertising strategy should include products and services that are cost-effective, since consumers want to save as much money as possible. However, never lower your price past quality service and customer aftercare.
Leadership Can Be Demonstrated by Brands
It is possible to put your brand on the map if you are one of the first brands to advertise during a recession (with a recession-focused campaign).
By offering discounts or flexible options, you can take on the role of a leader and drive more targeted website traffic to your business or ecommerce store.
Consumers will always remember you as the leader, even if a lot of companies copy your strategy.
In a recession, it’s natural to try to get new customers by focusing on recession-focused advertising, but old customers should also be remembered just like your content writing you should be constantly updating your customers every step of the way, languages change so does the situation of your customers change.
Customer retention should be a priority
Personalize your communication with them. It will only strengthen brand loyalty during these challenging times if you “check in” with them and see what you can do for them. Those who stay with you during tough times will appreciate your support.
It’s not always about money, if you got into a business for money alone you will fail, help others and let them help your business also, when they can.
Maintain a healthy balance. Take a smart approach
If your competitors have cut their marketing budgets, you’ll want to increase yours.
However, make sure you do your research first. Hone and tailor your advertising based on what works and what doesn’t.
As some companies drop their advertising or social media budgets, newspapers may see an increase in remnant space.
It may be possible to get a discount back in this way. However, even a discounted rate might not be worth it if newspaper ads don’t work for you, as always it’s niche/data specific.
Take advantage of the void left by big spenders
During a recession, some large brands may need to reduce their advertising budgets.
Taking market share and influencing a change in brand loyalty may be possible for smaller brands at this point.
You should stay on top of industry trends when it comes to your business website and have a digital business optimization expert, like Top Level Traffic, keep their finger on the pulse of the industry to make the most of advertising opportunities.
Utilize competitors’ fears to your advantage
In addition, most companies will struggle during a recession. Those who hesitate out of fear are usually the ones who won’t survive.
Get ahead of your competitors by taking informed action early with good SEO practice and following up to date, ever advancing design principles.
By doing so, your brand will be strengthened during a recession and the momentum will continue after the recession ends to continue building your company and brand.
Through copywriting, direct mail list rental, graphic design, web development, and full-service interactive consulting, SEO service, Hosting, Phone Leads and much, much more, Top Level Traffic can assist you with both print and digital marketing.
Our speciality is maximizing your digital business to get your print and digital advertising noticed and converted.
>>>Related Post: Top-Level Branding<<<
If you found this post, “Maintaining Your Brand During a Recession” helpful or interesting, please feel free to give it a share or like it, so others may find value in this post.
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