Marketing Tips During Recession

Recession Marketing Tips

Recession appears to be close. As a result, recession marketing is important. Marketing can help in both a good and a struggling economy.

The economic news is not getting better.  The U.S. economy is treading water.  The global economy is sinking.  Anyone who says the economy is improving is in denial.  I’m a realist.  Stay positive but don’t be in denial.  Minimize the bad news with the proper marketing strategy.

Let’s look at two frequently used words: recession and recovery.  Recession, by the traditional definition, means that GDP declines for at least two quarters or roughly six months.  Overall economic numbers and activity are trending downwards.  The current recession includes: reduced earnings; lower home values; less consumer spending; tighter credit and increased job losses.

Once a recession turns from “Negative Street” to “Positive Boulevard,” the trends may be shifting but it takes time for traffic to flow again before a recovery begins.  In short, the end of a recession does not mean the start of a recovery.

Recovery means positive job growth.  Recovery also includes a long-term, increasing, free flow of the exchange of goods and services.  Government stimulus is only a short-term “fix.”  Moving from recession to a sustainable recovery takes two vital ingredients: patience and jobs.

No job growth.  No recovery.  No way.

Be patient–exceptionally patient.

Be optimistic yet realistic.  There are many ways marketing can help your business during this recession.  Below are a few rescission marketing tips to ponder and apply:

• Shift your marketing budget from old-school mediums such as newspapers and magazines to digital, no cost or low cost advertising, branding and web based networking such as E-mail marketing.   Make sure to include social media tools like Twitter and Facebook in your mix.  Tweak rather than slash your marketing budget. In fact, increase your advertising budget. What better time to gain market share than in a downturn. You competitors make be cutting back
• Update your web site text, keywords, phrases and HTML page titles. It’s simple SEO.  Both Google and your customers will find you faster.
• Devote more time and resources to your social media strategy.  The ROI and ROC (Return On Conversation) is critical during a long-term recession.
• Use time more efficiently.  The wise use of time is one of the most effective yet neglected product and service differentiators.  Your company has 24 hours per day and so does your competition.  Time is money so let it work for you.
• Marketing is a process and not an event.  It’s ongoing and should never stop.  Hour by hour and day by day.  Keep the momentum moving.
• Be more patient…
• Keep laughing!
• Stay positive.
• Read my new book, Small Business Marketing – A Guide for Survival, Growth and Success.  This book is designed to help you navigate through both good and bad economic times.

Your thoughts are welcome…

By Stuart Atkins