Date: February 24, 2023
Tips to Boost Your Marketing During a Recession
Many Entrepreneurs wonder how recession proof their business is in uncertain times like these. Many business owners everywhere are trying to cut expenses down to save money, and usually marketing is one of the first things that might get cut. However, studies show cutting down on marketing may be detrimental, as businesses that continue spending money on marketing historically have done better than those who did not. Here are some tips to help you stay ahead of the game. (1)
1. Email marketing – Since many consumers are going to be more frugal than they were pre-recession, one good way to add value is to engage people through email campaigns. You could include helpful suggestions or tips that help people solve problems, as this will help build and showcase your company’s value to potential clients. By strengthening relationships, you are planting the seed for future sales. You can also use it to give helpful tips and resources to current clients – you can create a funnel in your marketing tools that includes potential and current customers so that they both are getting the value of your helpful insights.
2. Informative Digital Content – Get creative and find what appeals to your audience, what questions they are asking that you can help answer – maybe blog posts aren’t what they are looking for, and webinars or polls may be more suited to your target audience – or a combination of all! You could offer resources or templates, or perhaps video tutorials, depending on your niche audience. Once you find what appeals to your audience, you will give your brand more visibility, and strengthen relationships as people get to know you. (2)
3. Take Care of you Current Clients – Customer loyalty goes a long way! Your current client base needs to know and continuously feel your value. This goes beyond just offering good customer service. Offering a referral program is a great way to show appreciation for your current clients, while giving them an incentive – and a huge added bonus to you – it will save you money on marketing! You can give a monetary incentive to your current clients for referrals – it’s a win-win. This will help keep your clients from looking elsewhere for cheaper solutions as they feel valued. Happy clients may also be willing to do a video testimonial for you, which helps grab people’s attention.
4. Have an Expert on Your Side – Although it may seem counterintuitive to spend money, look at it as an investment in your future. By having expert guidance, you are saving yourself from costly mistakes. Teaming up with an experienced Tax Expert will ensure you have a plan in place, and they will help you utilize the tax savings provisions available to you, so that you don’t become one of the many that overpay in taxes (year after year). Even though it’s challenging out there, it isn’t impossible – partner with someone who can give you financial guidance and navigate the complexities of the tax code to make sure you are taking advantage of the provisions that are available to you.
We are passionate about helping business owners thrive and navigate the complicated tax code to ensure they are not overpaying (like most do). If you are in need of guidance, or think you may be overpaying in taxes, please click here to schedule with one of our Tax Strategists today and start saving your hard earned money!
Resources:
(1) Why marketing is essential in a recession ICAEW (Why marketing is essential in a recession | ICAEW)
(2) John Hall, Forbes (How To Use Growth Marketing To Recession-Proof Your Business)