5 Ways to Recession-Proof Your Marketing Strategy

Because every recession is unique, marketers must deal with economic conditions they have never encountered before. It is difficult to find a historical example that compares with the recent recession. In 2008, digital marketing was still a small part of the overall marketing mix; however, there is some good news for digital marketers. Marketing can help you soften the effects of an economic slowdown. It can help you reduce the length and depth of a recession by accelerating your business in the upturn. (Marketing During the Downturn: Recession Strategy 101, n.d.)

1. Retargeting: Find advocates for your business.

Reassess your brand and try to replicate the elements that have been successful in the past. It's crucial that you understand your distinctive brand values and market them in a way that makes your customers loyal to you. You can do this by evaluating your customer's perceptions of your brand and then delivering according to their expectations. Ask yourself how you attracted your most loyal customers, and consider how you might replicate that success.

2. Email: Expand your database.

Email is an effective way to attract customers and sustain business during a recession. If you have been neglecting your database of contacts, this is the ideal time to reconnect with old leads, former clients and previous buyers—but be sure to approach them professionally. Statistics show that Marketers who use segmented campaigns note as much as a 760% increase in revenue. Across all industries, the average email open rate is 19.8%, the click-through rate is 11.3%, and the bounce rate is 9.4%. (Kirsch, n.d.)

3. Content Marketing: Educate, Inform & Sell

Content marketing is one of the best ways to educate and inform prospects and customers, as well as generate sales. Content can be used at each stage of the Buyer's Journey, from attracting new visitors to generating repeat business. Social marketing can also be used as part of your content marketing strategy if your budget allows it.

4. Focus on Data

Marketers must forecast demand for each item in their product lines. Digital marketing allows them to launch more precise, specific, and measurable campaigns than traditional advertising methods, which in turn leads to better, more quantifiable results. All of this starts with the right tracking and analytics. Profitable marketing means identifying how your marketing efforts will impact your business and why. Digital marketing delivers on this goal because of the ability to measure ROI metrics, which allows you to make smarter business decisions based on measurable results. It also allows you to target specific markets with tailored messaging. 

5. Don’t cut the budget

Research has shown that maintaining marketing spending during a recession can improve market share and return on investment. Advertising is not something to cut back on when the economy is in decline rather, it's the time to increase advertising spending if you want to capture lost customers.(Marketing Your Way Through a Recession, 2008)

In times of economic uncertainty, the right approach to marketing is key to success. It's a chance to invest in new and effective communication strategies that will help you stay ahead of the competition.

Here are some intriguing recession marketing ideas that I came across: 

Toyota's play on the economic recession of 1973-1975.

Source: https://www.flickr.com/photos/rchappo2002/2693562133 and https://www.ebay.com/itm/274449162316

Watch Domino's transformation in 2009

If you have any suggestions, please feel free to share them in the comments section below.

References:

Chris (n.d.) 7 Cost-Effective Marketing Strategies To Use In A Recession ( 2022) Available from https://www.strategybeam.com/blog/7-cost-effective-marketing-strategies-to-use-in-a-recession/ [accessed 25 May 2022].

Kirsch, K. (n.d.) The Ultimate List of Email Marketing Stats for 2022 Available from https://blog.hubspot.com/marketing/email-marketing-stats [accessed 25 May 2022].

Marketing During the Downturn: Recession Strategy 101 (n.d.) Available from https://www.socialbakers.com/blog/recession-marketing [accessed 25 May 2022].

Marketing Your Way Through a Recession (2008) Available from https://hbswk.hbs.edu/item/marketing-your-way-through-a-recession [accessed 25 May 2022].

Quelch, J. and Jocz, K.E. (2009) How to Market in a Downturn. Harvard Business Review.

Wolff, R. (n.d.) 7 Strategies To Recession-Proof Your B2B Marketing Today Available from https://www.markletic.com/blog/7-strategies-to-recession-proof-your-marketing-today/ [accessed 25 May 2022].