Marketing Your Way Through a Recession

While the mere mention of the word ‘recession’ sends some business owners straight to the books, cutting costs wherever possible, there are some things you can do to boost business without breaking the bank. During a recession many small business owners choose to focus inwardly, cutting back on employees, marketing and advertising. Their focus, however, should be turned outward, taking the time to learn more about their current client base and how to make their marketing more effective. Consider the time a gift and make the most of it. Here are some things you can do to boost business during a recession.

1. Expand your network. Make it a point to get out at least once a week and introduce yourself to potential new clients. Try to stay away from industry-focused networking events, as these tend to be frequented by the same people – people you’ve probably already met. Instead, branch out. Try something new.
2. Use social media. I know it’s not as easy as it sounds, especially for those of you who aren’t very tech-savvy. Give it a try, though. Likely you have more time to spend learning something new. There are some fantastic books available for newbies. They’ll walk you through a daily lesson and have you up and running in no time. If you’re not interested in using social media to reach new clientele, at the very least, set up a LinkedIn account and take the time to learn how to use it effectively.
3. Cut back on unnecessary costs. This is a good time to reevaluate what’s working and what’s not. You might choose to redistribute funds and put them toward a more effective form of marketing, while cutting back entirely on nonessential services.
4. Offer incentives to current clients. Your current clients are still with you for a reason. Even during a recession they have chosen to continue buying your product or service. What this shows is loyalty. Offer savings or rewards for referrals and recommendations.
5. Revisit your business plan. Oftentimes, when we’re busy, our business tends to take on a life of its own. As things slow down, take some time to revisit your original business plan. Are you where you thought you’d be? If not, what can you do to get back on track?
6. Focus on affordable marketing. Take a closer look at the way you’re currently marketing yourself. What’s working? What’s not working? A little revamping could effectively boost business. Consider your business’ brand image. Do you need a new logo? Is the message you’re sending your clients clear? If not, focus your attention on making it clear. Sometimes talking to your loyal customers can help.
7. Take time for you. This is a biggie. During economically challenging times, we tend to spend more time stressing. Use some of that extra time for you. Take a breather, relax and regroup. Great ideas come to less cluttered minds and taking time for you is just as important as all the other things you do in your day-to-day life.

If you have questions about refocusing your business’ image, give us a call at Mach One. We’re happy to help you through this phase of your business.