We are all being hurt by the current financial crisis, but one thing is for certain: now is not the time to give up. Don't stop marketing and don't forget about your customers just because times are hard. Rather, let's figure out how to get more opportunities to grow your business while still being helpful and understanding of your client's needs. So how can you adapt your sales and marketing strategies to survive this difficult economy?
1. Return to the deals you may have missed
This refers to leads you either lost to one of your competitors or which went cold. Bring up those deals again and remind your customer that you're still around and motivated to help when they're ready. Show them what you can do for them as a business, how you can make their lives easier and help them make more money in this tough market.
2. Get in touch with past customers
Reach out to your old customers and ask how they're doing and if there is anything you can do for them right now. This communicates that you are putting their needs above your own and that you care about them even after the deal has been done. It also helps you understand your customer better, so you can figure out how their needs have changed and how you can align with them. This builds trust and loyalty, which will help in the long run.
3. Focus on long-term return on investment
During a recession, you may be tempted to cut any expense which doesn’t show an immediate return. Like content marketing which takes months to rank and reflect a response. But keep in mind that if your content becomes popular, the benefits can last for a long time. Spend your money on making good content that will still be useful a year from now. It's the best way to keep getting leads even when the recession is over. Interactive content is a great way to do this because it is easy to share and often keeps people interested for a long time. On the other hand, spending money on advertising can get you results right away, but they might not last.
4. Go local
During a recession, it's important to keep an eye on your own neighbourhood. Local businesses usually have more loyal customers and are less affected by the ups and downs of the stock market and international trade wars. Make sure your website and other marketing channels are set up for local search, and think about running campaigns for your products or services that are very specific to a small area. Also, try to find ways to work with other businesses in the area. This can help you get your message to more people and gain the trust of people who might buy from you.
5. Do your best to stop people from leaving
Even when things are going well, it can be a big problem to lose customers. During a recession, when it's hard for businesses to find new customers and make money, customer retention becomes especially important. Invest in ways to keep customers, such as loyalty programs, find ways for customers to give feedback, and create personalised offers. This will help you keep your current customers and build relationships with them, which will make them more likely to stick with you in the future.
The bottom line
As a business owner now is the time to pivot and plan ahead. Think about what will happen in the long run and try to stay in touch with your customers even after the crisis is over. By carefully considering these sales and marketing strategies you will find yourself in a much stronger position when the market turns.
