Digging out of Economic Downturn With Best Marketing Practices

The marketing playbook doesn’t have to be abandoned in an economic downturn. Here are some ways to strengthen it.

When a market downturn happens, it can be difficult not to act quickly, reactively and instinctively. With the threat of lower demand, your enterprise’s growth and stability may feel threatened, while insecurity may cause tremors amongst your staff.

Choosing the best course of action during a market downturn is essential and can dictate the future of your company. This is why a knee-jerk reaction — even if caused by valid concerns — can be dangerous. It can cause missed opportunities and a decline in overall quality.

The truth is that market downturns can provide opportunities to explore other sources of revenue, enhance the skills of your team, and enhance your brand image.

This can only be done if enterprises choose to make sustainable choices that encourage long-term growth and consistency over perceived short-term security. From messaging and marketing to recruitment and partnerships, sustainable business practices during a downturn can provide help to secure assets and continue growth in a time when competitors are struggling.

Prioritize Consistent Marketing Practices

Consistent marketing practices during a downturn creates trust. It ensures that throughout struggling climates and beyond, brand awareness isn’t lost or dropped, and your audience remain aware of your solution or service. For new and existing clients, consistent marketing also demonstrates that your enterprise is secure, trustworthy and stable.

If marketing funding is decreased or reduced, consider the most effective low-cost ways to encourage awareness.

Highly aggressive SEO content will perform well during a market downturn, benefitting from a focus on consistent posts to boost ranking, and supported by social media to encourage engagement.

With recent findings suggesting that just under 40% of readers will click on the first organic SERP result, improving your visibility during a volatile time should be a marketing priority.

Moz discovered that the “first page of Google captures 71% of search traffic clicks and has been reported to be as high as 92% in recent years.”

However, you should equally keep your brand positioning, tone and messaging consistent during downturns, even though this is a time of disruption.

Related Article: Google Helpful Content Update Improves Customer Experience and SEO Strategy

Remain Authentic in Messaging

Market downturns can be a tremendous source of anxiety and worry for industries and the general public — your messaging needs to change to reflect this.

The keyword here is authenticity. Audiences might not react to messaging in the same way during a downturn, and brands that are seen as inauthentic and superficial will be quickly shunned. Auditing any content being produced can ensure that nothing potentially controversial or insensitive is shared. It can also help to retain existing customers and increase brand loyalty while remaining viable for new markets.

Remaining authentic in messaging will involve a shift in tone to adapt to the needs of a changing market. It should prioritize empathy, resilience and trust wherever possible. Demonstrate that you truly understand the worries of your customers and prospects and evaluate CTAs to ensure that they reflect this new tone from an intent rooted in genuine care.

Consider Cross-Skilling Your Staff

Your teams may experience a lack of confidence over security fears and financial concerns during a market downturn and period of low intake.

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