How We Boosted Our Sales During a Recession

My brother and I started our first business in the early 2000s during the recession.?

As early entrepreneurs, we didn’t even know the economic downturn was actually happening. We were two kids in their twenties having no clue how the economy worked.?

We had to thrive in the thick of it and it was not easy. If there's one lesson that we've learned, it's that you need to be prepared.

The recession might force you to make hard decisions. You might have to cut expenses, let people go, and reduce budgets.

Even though many variables are beyond your control during tough economic times, you can still utilize specific marketing strategies to remain competitive.

Here are a few things we did that you should do too.

??Analyze past performance to make data-driven decisions

Identify which campaigns paid off – what worked, and why was it effective? Also, take a look at initiatives that weren't as successful so you don’t repeat the same mistakes.?

Some things will inevitably have to go. Make sure only those strategies proven by performance data remain part of your overall plan going forward.

??Find ways to serve your existing customers better

When times are tough, it's important to stay top-of-mind with your existing customer base. Focus your advertising efforts on them since they are more likely to do business with you.

Reach out to them through email, direct mail, or even social media and let them know you're still open for business. Seeing familiar faces could help them decide.?

??Gather additional customer reviews & testimonials

When customers are hesitant about spending their hard-earned cash, social proof can be the driver to choose you over the competition.?

Display customer success stories loud and proud in all your marketing materials. If you don't have many (or any) customer reviews or testimonials, now's the time to start collecting them.?

??Do not cut your marketing budget immediately

Making sudden, drastic cuts to your marketing budget is one of the worst things you can do during a recession. By doing so, you’re basically telling your customers that you are no longer in business.

Instead, look for ways to be more efficient with your spending. Also, if you double down on your marketing while your competitors are cutting their budgets, you can gain a bigger market share.

??Keep doing whatever was working for you

You might think rebranding will differentiate your business and bring in new customers, but it won't. You'll probably lose money. Remain consistent with whatever was bringing you the results.

Making major changes to your brand, especially in such uncertain times, can confuse and alienate both new and loyal customers.?

Times change and things get harder. But you can remain profitable if you are flexible.?And remember – it won't last forever.

Are there any other strategies or techniques that have been effective for you during an economic downturn?

Share your experience in the comments!??

#b2b #recession #growth #customerfirst #growthmarketing

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