How to adjust your marketing during a downturn

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Tony Robbins recently said: “Good times create weak people.? Weak people create bad times.? Bad times create strong people. Strong people create good times.”

During this uncertain period, most entrepreneurs don’t indulge in crisis planning until it’s too late.? The false feeling of security is so easy to embrace when everything’s going right, and the economy is on the up.

In fact, some service-based businesses might not realize that while the repercussions are dire, some practices are doing a lot better than others.?

You have the choice to use this tumultuous? period to your advantage.

Here are some recession-proof marketing strategies that you will want to consider implementing during this downturn:

#1 Client success stories and testimonials

Happy clients are your most valuable assets when it comes to new lead generation. It’s much more powerful when your customers are talking about you than when you do it yourself.

Start thinking about which client success stories that you would like to showcase.? Prospective clients want to learn about how you have helped others solve similar problems that they may be experiencing.

For example, if you are a family mediator, think about cases where you used your expertise to solve typical divorce problems that led to both parties being very satisfied with the outcome.

Don’t forget about targeting your most valuable and happiest clients.? Go above and beyond to provide an excellent client experience because if they are happy, they will be willing to refer you and provide glowing reviews of your service.

Client reviews is really an essential strategy for marketing in a downturn as it has the power to influence purchase decisions for prospective clients especially when discretionary spending is low.? You can include written reviews and joint client webinars.

#2 Deepening client relationships

It’s so much easier to keep clients than to find new ones, right?? I’m sure you’ve heard that before.

With this in mind, to retain existing clients, you will need to increase your communication with them.

Reach out to them more often via email, telephone, social media and ask how you can better support them.

Check-in with them to see how a particular situation/problem is working out for them.? Ask them if they have any questions.

Invite them to more value-based learning events – webinars, in-person classes.

Give them exclusive access to valuable resources or discounts.

#3 Increase or retain your marketing budget

While industry experts might have you believe that you should be cutting marketing budgets when in an economic downturn, please also be aware that you will be faced with DECREASED profitability and growth once the recession ends.

What we’ve seen is that brands that double down in marketing spend tend to gain a competitive advantage and are best positioned to succeed during and after a recession.

If the thought of spending the same or more on your marketing scares you, there are some cost effective strategies that you can use.

Think about using virtual events to bring in more business, or grow your email list by offering something valuable (like a lead magnet or complimentary session) in exchange for their email address.

If your budget permits, you should also look at increasing advertising spend.? Many service-based professionals do the opposite during this time period.

By doing this you can reach more people at a lower price point.? Of course, I’m not recommending that you spend money blindly but do it in a targeted way to raise awareness of your work when there will be less competitors advertising online.??

#4 Invest and learn more about your ideal client

Learning about your clients is critical to understanding changes in their preferences when the economy plunges.

For example, you can use this information to create different service-level packages that might fulfill their needs during these difficult times.? Be creative and pay attention to your clients’ needs.

To do this, consider using tools to track your data such as Google Analytics, you can use data from landing pages, etc.? There are a plethora of tools out there to assist in this area.

If you want to go the old-fashioned route, you can also send out surveys to capture more information about their needs.? Keep digging and building their profile so you can better serve them during this time.

Now is the time to adjust your marketing strategy.??

Take inventory of the 4 elements mentioned in this newsletter and just decide on the one that is easiest for you to implement.??

If you would like our professional opinion on how to recession-proof your practice, feel free to reach out!