Image credit: leadingtrader.com
In the UK we may be heading for recession. Most business people do not like to hear that word too often because a slow down will have an impact on their businesses. In this linked BBC article the CBI talk about ‘a dark cloud of uncertainty’ and this Guardian article states that UK factory output is down . This is the current trading environment in which we find ourselves. What should you do to promote your business during a economic downturn? Pretending it is not happening is not an option. In this post I explore four practical steps that you should take to market your business during a recesssion. Follow these steps to ensure that your business emerges from a downturn stronger than it was before.
Market Your Business During a Recession
Do Not Stop Marketing
You will find yourself under pressure to cut costs especially from your Chief Financial Officer or Finance Director. Often it is suggested that marketing is an area that can be cut without consequence. This is a mistake. Think of any business that is a market leader in any sector and ask yourself if they will stop marketing themselves during a downturn? The answer is no. Of course. it is prudent to conduct a comprehensive review of all of your marketing activity and to eliminate any activities that are not working but you should be doing that at all times anyway, even if there is no downturn.
Focus on Core Platforms
You are probably on more Social Media platforms than you need to be. Being everywhere at once works if you are Cola-Cola or a celebrity but is the wrong strategy for many B2B businesses. For an idea of the sort of platforms that are likely to be effective for you read this post, Which Channels Should a B2B Company Use to Reach Potential Customers? Eliminate the platforms that are not yielding a good return on the time invested in them. Email could be one of your best performing communcations routes and should form part of your streamlined communications plan.
More Resource to Drive Up Engagement
Once you have identified the best performing platforms, double down on them and put more time and resource into them. That’s right, more and not less! In a challenging market you should aim to increase the level of engagement you have with your customers and potential customers. This is time for building and strengthening relationships. Be very responsive and helpful when consumers interact with your Social channels and email.
Be Bold
Plan to surprise and delight your customers and prospective customers with some imaginative activities that are not what they would expect from you. This does not have to be expensive. A well considered piece of Guerilla marketing captured in a photo or video and then shared on Social Media can do wonders to raise the profile of your company.
B2B Content Marketing Agency London
Marketing Fundamentals Ltd is a B2B Content Marketing Agency in London that creates Content and manages Social Media for Professional Services firms.
We can help you market your business successfully during a recession. If you would like us to create and execute a successful Content Marketing Plan for your business, feel free to give us a call on +44 (0) 845 2264 247. You can also email us via mail@marketingfundamentals.com
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We hope you find this information useful.
Best wishes,
Mike Pitt
Founder & CEO
Marketing Fundamentals Ltd
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This is blog post number 351.
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