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During an economic downturn, consumers tend to reevaluate their priorities and what they spend their money on. They may postpone big purchases like latest smartphone or an expensive pair of designer shoes until things turn around again. And when sales start to slow down, businesses are left scrambling to cut costs and figure out how to adjust their marketing strategies.
So how can cash-strapped businesses create an affordable, yet effective marketing plan during an economic downturn? Try implementing these 3 simple strategies:
Provide Thoughtful and Valuable Content
One of the biggest mistakes that businesses make in their content strategy is to post too much promotional content. This becomes redundant and offers little benefit to your audience. Instead of focusing your messaging solely on selling, remember that people want and need support, advice, tips, and valuable information. This is especially prevalent during times of economic downturn. Creating content with the needs of your customers in mind will help you earn the trust of your audience.
If you don’t already have a blog, spend some time getting it up and running. Writing informative blog posts will provide your readers with helpful information while also establishing your role as an expert in your industry. As an added bonus, starting a blog and/or increasing the frequency of your blog posts will help improve your SEO. You’ll drive more traffic to your website and attract new potential customers.
Put Yourself in Your Customer’s Shoes
Remember that during these tough economic times, your customers are also struggling. They are human beings with real emotions that may be experiencing stress and uncertainty. Put yourself in their shoes and think about what they are feeling. What are they struggling with? What are they going through? Then use this information to figure out how you can help. Could you offer a discount or promotion? Is it a good time to pivot and focus more of your marketing efforts on a lower cost product or service that you offer?
Thinking of your customers as human beings that you can relate to will help you figure out the best way to market to them while also meeting their needs.
Resist the Urge to Cut Your Marketing Budget
As Henry Ford, founder of Ford Motor Company once said, “Stopping advertising to save money is like stopping your watch to save time.”
When your company is strapped for cash, your first instinct might be to cut your marketing budget or advertising costs. During the Recession of 2008, businesses who slashed their marketing budgets for short-term savings, faced lasting effects that wound up costing them more in the long run.
While many companies are currently cutting back on their marketing, seize the opportunity to create a new campaign or ramp up your marketing efforts. Doing so will create an opportunity for you to stand out from the competition and stay in the front of your audience while your competition is missing.
Maintaining a solid marketing presence while your competition is absent also shows your audience that your company is strong and stable. This will help them feel confident about choosing your company and you’ll be fresh in their minds once there is an upturn in the economy again.
SBG Funding is dedicated to providing unparalleled support and in-depth financial proficiency to help you make the best decision for your business’s future. For more information on how SBG Funding can help your business during these unprecedented times, visit our website or apply here.
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