Right now, slower economic growth, rising inflation, and increasing interest rates, means there is no question that there is uncertainty in the US Economy. We know that uncertainty can create fear for some business owners and we understand! But, economic shifts can also be great opportunities for refocus. Here are some suggestions we have for small business owners for how to market during economic uncertainty.
You have lots of customers who feel loyal to your brand. Why? Do they value your customer service? The high quality of your product? The money you save them? Find out what your most loyal customers love about your company and lean into that! Your fans will stick with you through thick and thin. Even in tight times, they will be the ones to bring new customers to you. And, it is much more cost effective for your business to market to existing customers than to focus on finding new ones. (Find out more about fostering customer loyalty here!)
If you are a business leader in your community, your leadership can encourage others during uncertain times. Positive messaging and uplifting content will create a positive feeling toward your business. It is also important to make sure customers know your business is still operational. Make sure all of your online information is up to date and updated often.
Decide your non-negotiables for your marketing budget. Find the best returns on investment and make sure that those remain strong aspects of your overall business spending. Even though it is tempting to slash a marketing budget with an economic downturn, most smart business leaders know that is a mistake. Even if you pare down your marketing budget, staying in contact with your customers is key. Decide now what parts of your marketing strategy can go on hold in the event that your business needs to make cuts.
Business leaders who have endured downturns know that investment during that time can have great returns. So, stay in touch, stay positive, and make smart cuts if necessary. Let us know if we can help your business streamline your marketing needs!