Economists have been predicting a dire future with a 2020 recession in marketing for a while now. Trade wars, the slowdown in the growth of the economy, and the rising uncertainty have become worse. Experts say that the year 2020 will be a reminiscence of the year 2008 with the Great Depression.
However, seeing the way marketers are picking up their speed, they’ve started to change their outlook. Though the recent economic reports place the national unemployment around 10%, the CPAs have redoubled their networking efforts. This has strengthened the connections and networking within the industry to generate new business.
Listed below are several recession-proof marketing strategies that one can use during times of economic uncertainty. These tips ensure continued sales success and guarantee a strong position that gets them ahead in the competition.
Take a deep breath
The very first step in marketing strategies towards increasing networking among customers is to pause and examine. Only after going through the facts, you can go ahead and create a plan. Budget cuts should be only made after you’ve carefully gained proper information and data. Sit with your team to come with a strategy and a well-informed plan.
Lean on marketing fundamentals
Figure out how your company has fared in the past. Did it maintain strong relationships with your clients, or did it lean towards scrappy marketing techniques that are cost-effective? Whatever it is, find your niche and stick to it to get better results. Lean towards the marketing strategies that you’ve been applying all the time.
Do a deep dive into your audience
Knowing your audience is always paramount when it comes to sales and marketing. This takes the front seat when the finances are tight. When you deep dive into knowing your customers, you can pinpoint their interests and accordingly sell them products. Additionally, this is a great time to strategize with loyalty program, letting your audience know you care about their repeat buying and loyalty to your brand.
Social media is your friend
Social media is the perfect platform for sharing your own content and network it to the masses. If your firm has a social media presence, leverage it to maximize your content’s exposure. Make sure that the content is well-written while social media marketing techniques and aesthetically to keep your network informed and position itself as a resource.
E-mail marketing and online marketing via ads are also a great way to expand your reach to people as you corner them from everywhere to see your product. Play smart and you’ll get smarter results.
Use technology to your advantage
Virtual networking is the biggest asset in a well-planned marketing technique. It presents a huge advantage over toiling and networking in person. Marketing technique and networking make up the backbone of a business. It also maintains valuable connections with a wide range of professionals. You can rely on them in the future for better expansion of your business.
Emotional connection is key
Though connecting to your potential buyer and customers is the first step towards a marketing technique, it is important, now more than ever, to carry it out. Senses of the customers may be a tad bit more heightened in these economically uncertain times. So, making sure your audience knows that you see and hear them on a more personal level is even more important.
Discounts and deals are not only attractive, but they also form a loyalty bond or emotional bond with your customer. Focus on the consumers with whom you’ve built rapport, and make sure you continue to serve them as time goes on.
With these marketing strategies, you can make the most out of your business in these times of economic distress and uncertainty. At RCM, we train our management students to counter every kind of hurdle that comes up. Their leadership qualities will be off the charts for them to handle huge responsibilities with a cool head and a mind full of innovative ideas.
RCM’s skilled faculties will prepare you with an exclusive case-based pedagogy which will make you market ready for the year 2020 no matter how uncertain it might be.