3 Quick Wins to Recession Proof Your Marketing Strategy
Over the past 10 days, we’ve seen a sudden drop in consumer demand and an increase in cost per acquisition for eComm customers across multiple accounts. We’ve also seen slower activity in lead acquisition for B2B customers, particularly those operating within the oil and gas sector. Checking in with our industry peers, it's a sign of the times.
Whether from concerns over the spread of COVID-19, or the combined economic crisis of the recent market-crash, consumers are holding their purchase decisions close and doing what they can to protect their budget in a climate of uncertainty.
What’s remarkable from an analytics perspective, however, is that customers are still window-shopping. In fact, ad engagement and web traffic is up, but purchases are down.
Our sense is that with more people working from home and avoiding outings, customers are turning to the Internet for education and entertainment. For brands ready to act, this is a significant window of opportunity to connect with customers, gain their trust, and begin investing in a plan to earn their long-term purchasing decisions.
If you haven’t put together a plan for recession marketing, here are 3 quick tips from the team at Full Blast Creative to boost your recession marketing strategy today and leverage the extra time you may have indoors.
Get focused on retargeting, pull back on prospecting.
Uncertainty in the short term scares customers. If you’re going to spend money on paid ads, invest the majority of your budget in your retargeting strategy. It’s easier and more cost-effective to convert people who are further down your sales funnel.
Recession Marketing Tip: Ensure you have your social and digital ads retargeting previous purchasers, people who have been on your site within a typical sales window for your industry, and people who regularly engage with your social media channels.
Double down on your email marketing.
Email marketing is cost-effective, allows you to share a longer story with multiple media assets, and eliminates algorithms that can impact your views. Using email marketing will help provide your customers with on-going education, encourage product demos, highlight customer testimonials, and build trust and loyalty for your brand by focusing on short-term needs and your long-term relationship.
Recession Marketing Tip: Ensure you're updating your customer database in a CASL compliant format (a tip for my Canadian readers), then set up a regular email drip that clearly communicates the value you offer and the problems you solve. Depending on your audience, feature new service opportunities and pitch to happy customers who have purchased from you in the past.
Get hyper focused on your website content and SEO.
If this recession persists much longer than a month or two, the businesses that survive will be the ones who have success marketing to their audience with zero ad spend. Now is the time to think critically about the content on your site. Does your website rank for the keywords your customers are searching with? Is your site secure, mobile-optimized, and visually compelling? Are there dead-weight pages and plugins that bloat your site and should be removed? Create a page-by-page plan for your site that places priority on services that secure revenue for your business.
Recession Marketing Tip: Jump into your Google Analytics account and see which pages net the highest volume of traffic on your site and which pages net the least. Can you improve upon the content on your high traffic pages? Are your low traffic pages still relevant? If so, can you improve upon the content featured there? Are there aspects of your business that are full-on missing from your website? If so, get busy writing and publishing, and when you’re done that, make sure you share updates to your social networks that let the world know you’re ready for their business when they are.
If you found this article helpful, please be sure to follow our LinkedIn page @FullBlastCreative. If you have any questions or you’d like to chat about a more comprehensive marketing strategy to sustain or increase business during a recession, please DM me or reach out and connect with our team.
Original Publication Date: March 11, 2020 to LinkedIn