3-Step System to Master Marketing During an Economic Downturn (Without compromising growth)
Sefy Tofan
I help coaches scale with battle-proof systems and organic content | Generated $1.2M in sales to my business.
Economic downturns can hit businesses hard – declining revenues, lagging performance indicators, and sagging employee morale.
But not everybody worries.
Nearly half of Fortune 500 companies were founded during a recession or economic crisis.
And remember,
"Smooth seas do not make skillful sailors."
As a business leader, adopting innovative strategies, are key
Not just to sustain your business,
But to emerge victorious.
Today I'll try to provide some of those strategies:
Strategy 1: People First - The Heart of Your Business
The issue with letting economic downturns dictate your actions is that it stops you from discovering what truly connects with your customers (and, more importantly, what doesn't).
If you never prioritize, you'll never obtain valuable feedback.
And feedback (positive and negative) is the bedrock of your business's resilience and progress.
Every single opportunity to improve customer experience and employee satisfaction that you don't seize is a missed chance to grow, differentiate, and ultimately safeguard your business.
And although each opportunity may appear minor, these missed chances accumulate significantly.
The more you overlook, the less you evolve.
And as you know, customer retention, satisfaction, and loyalty are the lifeblood of any business's success during an economic downturn. Here's your game plan:
Embrace personalization:
I know; you probably already heard it before..
But think about all of those spam emails you get every day, with the same message being sent to 10K other people.. You don't want to be like those guys.
Empower your workforce:
It's easy to think about your customers when we talk about putting people first.
But your employees can make the real change from short-term customers to raving fans.
Seek constant feedback:
The main problem I see many executives having is waiting for feedback.
Instead, you should seek feedback - good or bad.
It's a great way to stay ahead of your competitors.
Strategy 2: Reinvent Your Offer - Adapt and Thrive
The truth is that fear can paralyze many of us from taking the right actions.
You know what, even from seeing that we have an opportunity to take action.
But those who manage to shift fear into bravery usually lead the growth cycle, specifically in economic downturns.
Once you can see the entire picture, without the dirt fear brings, you can start reimagining your offer:
Make it more effective:
Not for you, but for your customer.
Your customers will keep running their operations while trying to squeeze more from existing payments they have = You.
To make more money, you gotta make sure your solutions work for your customers.
You can help them out by giving them better support, fixing anything that's broken, connecting your solution with the latest tech, and teaching them how everything works.
Change your message:
Now it's time to do more with less.
Check your value proposition. Is it all about features and functionality?
Ask yourself
How do you help your customers save money or make more money with the resources they already have?
Make sure they know the answer.
You may be 10% off from where money is made
Now is a good time to re(do) a search within your market to identify segments that perform well.
Check if you can adjust your products/services in 10% - 25% and match those segments.
If you can, don't wait.
Act.
领英推荐
Strategy 3: Visibility - The Key to Success
Your ticket into your customer's mind lies within your online presence.
We entered the age of the creator economy.
Only a couple of weeks ago, Time Magazine named Mr.Beast, One of the 100 most influential people on the planet.
A content creator on YouTube that have more views than all of Friends' episodes, including replays.
How?
Content and consistency.
Now, it's your turn:
Optimize the Bottom of the funnel
First, check that your Landing pages, Lead magnets, and email campaigns are optimized.
Optimized = Provide the right message about your offer.
Right = One that converts.
Make sure you keep testing & adjusting those assets to maintain or grow your revenue.
Post, Post, Post
Every post is a door.
Every door can lead potential customers to the bottom of your funnel.
But at the moment you post, countless other brands are posting, and everybody is fighting for your potential customer's attention.
The key is consistency.
Keep posing when it is easy.
Keep posting when it becomes hard.
Keep posting when it is almost impossible.
This is how you win the game.
Build Systems
To turn the impossible into easy.
You can turn your posting habits into systems.
1 Landing Page = 2 Newsletter.
2 Newsletters = 4 Threads.
4 Threads = 32 Posts.
32 Posts = 64 Short Videos.
And each can be posted on Multiple channels!
Bonus: Focus on the metrics that matter
Leave your reach, likes, and follows behind.
Focus on driving business results for your brand.
That means getting knowledge on the platforms where your targeted customer spends his time.
And instead of focusing on reach and efficiency
Understand attention, relevance, and results.
That's it for today.
See you next week.
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P.S
I would love to be your flexible marketing partner and help you implement those in your business. If you want to learn more, send me a DM.
Here are other ways we can keep the relationship growing: