3 ways to get recession marketing right ??

How do you market during a recession?

Well, it looks like it’s coming around again. Just as you think momentum is building, bang – there it is. In the news, in conversations down the pub, on your LinkedIn feed.

Recession

Just when you thought you were out, it pulls you back in.

There is some good news though: if you’re like me (thirty-something), you’ve already survived two of them. You’ve probably heard the word a thousand times. But what does it actually mean for you?

I’ve done a bit of research, and it turns out that, thankfully, it’s not here forever. It also hits people in different ways, and I have a lot of empathy for those less fortunate in trying times like these. It’s important to be mindful of the struggles people face when the going gets tough.

Fortunately though, I’m not here to dish out economic advice. My focus is chatting to founders and marketing folk, so I’ve pulled together the three most important things to consider as purse strings are tightening across the country:

Use your eyes and ears ?? ????

Sounds obvious, but you’d be surprised how quickly complacency can set in as things become more chaotic around us. Use the time to think about exactly where you want to be, and work backwards from there. We’re so data-rich these days; it’s never been easier to listen to your market and plan ahead. You’ll feel like an oasis of calm while your competitors are panicking.

And remember – don’t give yourself a hard time if you can’t map out every eventuality. You can’t plan for every type of sh*tstorm, but you can put a few umbrellas up. (Quite pleased with that one, might copyright it. Watch this space).

Retaining and leveraging your following ??

Cast your mind back to peak COVID. Everyone was sitting at home, phone in hand, digitally buying everything they needed and a whole load of stuff they didn’t. Amazon was laughing all the way to the bank. The recession is going to be a bit different.

For you, this means the narrative you project to your audience has to change. Maybe think brand awareness, rather than the hard sell. Either way, retaining your customers during this period will mean a steady bounce back once these tough times pass. Targeted strategies, referral schemes, LTV and loyalty is more important than acquisition this time round.

Perfect your model ??

I know this isn’t exactly breaking news, but Netflix launched its streaming service ‘Watch Now’ back in 2008. You know what was also happening in 2008? Yep, another recession. But regardless of what was going on with the economy, they still knew it was time to overhaul the old Blockbuster model.

Around this time, consoles like Playstation and Xbox were evolving – and they were everywhere. The country had finally left behind the dial-up world for what felt like rapid broadband connections, and Samsung had just brought out its first Smart TV. In short, everything was heading digital, and it was the right time to strike.

Instead of fixing a broken model, they just made a new one entirely. And now look at them: 182 million subscribers and counting! Crisis situations are where marketers thrive, and out-of-the-box thinking helps generate solutions to problems we didn’t even know existed yet.

So what do you think? To my mind, these are three pillars that can help shape your strategy over the coming weeks and months. But what have I missed? I’d love to hear some different perspectives about what’s important right now, and why.

Get in touch and we can continue the conversation.

Cheers, Robbie?