Recession-Proof Your Business with 4 Critical Marketing Strategies for Sustainability
2023 promises to be a tough year, but we’ve been here before. This is how we weather the storm.
As an elder millennial who started her own business in 2008, I understand the anxiety that news of another recession brings.
But that business I started during The Great Recession is still here and thriving.
And my clients who started their businesses during that time are still here and thriving.
How?
By using times like this to build foundational, sustainable strategies for a more stable future.
Today, I’m sharing the four proven marketing strategies we’ve used to equip local businesses to thrive no matter the economic forecast.
These four marketing truths support sustainable growth regardless of what’s going on with the economy.
But they are even more critical during economic downturns because there is less margin for error.
The past several years have been good ones for many companies.* There has been room to try out different tactics to see what works.
(*We know the pandemic years were tough on many, and not just economically. In-person related companies like travel or restaurants were hit particularly hard. But on the whole, the past decade has been good for most small and mid-size businesses.)
As we enter a different period of the economic cycle, local businesses in particular will need to be more intentional with how they use their resources.
These tried-and-true marketing strategies will help you determine what that use should be.
- Marketing must be foundationally tied to the core of your company— regardless of industry.
- Consistent world-class customer experience will do more to make you competitive and relevant than any marketing hack.
- Personalization is a requirement, not a “nice to have,” when it comes to attracting and retaining today’s customers.
- Your own website and your own email lists are the most reliable forms of marketing and are much more valuable than social media platforms.
How can you make each of these work for your company? Let’s break them down one-by-one.
The first and most vital marketing truth to embrace is the importance of strategically transforming how you use marketing in your company.
This has been a recent theme with several of our clients, which is to be expected.
Small and micro business owners are experts in their industry — not necessarily experts in marketing.
And if they’ve been in business long enough, each of these founders has a story or two to share about marketing and sales “tips” that didn’t pan out.
One of the largest hurdles I have to overcome with many of our clients is helping them understand how marketing is indispensable for growing their brand and their business.
Sustainable marketing is about connecting customers with your brand through shared beliefs in how the world should work and what your brand can do to improve or impact their lives.
With the constrained market we are entering into in 2023, the messaging around that value must be more intentional and strategic than ever.
The wild west days of marketing from the past several years are over. We can no longer afford to throw ideas and money against the wall to see what sticks.
In the new year, it will be essential for companies to integrate marketing into every aspect of the customer-facing side of the business.
This includes sales.
This includes customer service.
This includes delivery.
Every marketing opportunity and resource has to count because the tolerance for a lack of strategic marketing (by investors and customers alike) will continue to decline.
If you don’t have foundational marketing experiences and strategies in place, now is the time to take a critical look at where you need to improve.
Another proven marketing strategy is making a world-class customer experience the standard for your company.
Exceptional customer experience means anticipating the needs of the customer before they become super obvious.
This is especially critical to a successful marketing strategy now because today’s customers have so much clamoring for their attention.
For the most part, they are no longer bound by physical limitations. They can get their clothing, food, and technology from three different sources and have it all arrive in two days on their doorstep.
So how do you capture — and hold — their attention?
By remembering you are serving real people and putting people first.
What helps you stand out from the pack is the way you treat the people who interact with your brand.
According to a study by American Express, 86% of people do not mind paying more for a stellar customer experience.
Companies that are most successful at this view the customer journey holistically. They don’t just focus on the point of sale.
What is the customer experience when they are first introduced to your brand?
How about learning to use your product or service?
What if there’s a problem?
What is the ongoing relationship with your brand like?
Because consistently positive experiences increase customer loyalty and referrals, stellar customer experience generates sustainable growth.
Customer experience covers more than customer service. Being polite and helpful in your phone calls, emails, and interactions with customers is important. But there are many other points of contact that could turn a potential client into a raving fan.
The customer journey begins with their very first interaction with your brand.
They might see an ad, or a truck you have on the road, or find you in a search result.
And the journey extends far beyond the sale if your goal is sustainability.
To improve your customer experience, consider these questions:
- Is the buying process with your company simple and easy to follow?
- Can people get all (or most) of their questions answered without having to talk to a person?
- How do you and your team handle customer feedback?
- Is it easy to get in touch with someone if a potential customer has a specific question?
- Does your team have the freedom to work with customers who experience unforeseen circumstances that affect their purchase?
Once you’ve identified areas in need of improvement, take a beat to consider what’s realistically possible right now with your current resources.
For example, right now we hear a lot about how video is everything in marketing. And it can provide a lot of opportunities for engagement and connection.
But it can also be tricky to do well. And if you and your team do not currently have the equipment and skills to create quality videos, it would be better to focus your resources on another medium.
In fact, for most small and micro businesses, we often recommend a copy-first strategy for a cost-effective and sustainable marketing focus.
Whatever tools you use, lean into where you are the most capable right now and grow from there. The real goal is to ensure that every interaction a person has with your brand makes it clear that you see their humanity first.
A vital component of creating a top-notch customer experience is using data to create personalized messaging.
With the growing number of personalization tools for businesses, today’s customers have come to expect frictionless buying experiences.
This means working through each step of the buyer’s journey from your audience’s perspective to…
- Anticipate their questions,
- Provide value, and
- Help solve their problems
…whether they are long-term clients or have just been introduced to your brand.
Blanket-style messaging wastes resources. By default, some of those ads or emails will be put in front of people who are not interested in or not ready for what you have to offer.
Targeted messaging based on analysis of online behavior and brand interactions changes the game.
With personalized marketing, you can put the right message in front of the right audience at the right time — saving time and resources.
Hubspot has an excellent article about ten marketing personalization tips you can use right now. And we’ve had great success using Hubspot, among other tools.
Whatever tool you choose, it is important to keep your strategy customer-focused for a stellar brand experience.
The final marketing strategy has never been more true — focus on marketing platforms you can easily track, monitor, and control.
Marketing on social media can be fun.
It can also be an energy-draining money pit.
If 2022 has taught us anything, it is that social media is no longer a place where you can organically reach a bunch of people just because your content is good.
For years, I’ve directed clients to first invest in more reliable platforms and turn to social media as their time and energy allow.
I will be excited to see what eventually replaces website and email marketing platforms in effectiveness and reliability. But 12 years in, and I’m still waiting for a platform to work for more than a few months, or a few years at best.
The events of this year have only reinforced this advice.
Without exception, every one of our clients who have shifted the bulk of their marketing dollars from social media to SEO and email has seen a 5X-10X return on their investment.
If your resources are limited, you don’t want to waste them on platforms that can’t give you a good return on your investment.
Marketing platforms like websites and email lists are more dependable because you have more control over who sees your content and when.
A few weeks ago, I was reminded of the value of focusing on these more traditional, less flashy platforms.
We often work with our clients on SEO strategy, and the report I got that day made my SEO-nerd heart sing.
As a result of our work, our client has seen an exponential increase in this year’s website traffic year — despite creating almost no new content during that same period.
Until social media starts similarly pulling its weight, I’ll stick to platforms that work even when I’m not.
If, like me, you came into the business world before or during The Great Recession, I have a special message for you.
We all learned a lot then about how to do marketing carefully and sustainably. But we also had the benefit of a shiny new internet with its fascinating opportunities.
We are cycling into another economic downturn, but our tools and even our audience have evolved.
The strategies you used before may not necessarily work this time around. How do you know? Look for evidence that they have produced repeatable, sustainable results.
When we face uncertain times, grounding ourselves in foundational marketing truths is the only pathway to sustainability.
These four marketing strategies have seen our clients through the ups and downs of growing a business in today’s swiftly changing world.
- Marketing must be fully integrated into your business strategy because it is what connects your brand to your customer.
- World-class customer experience is what helps you break through the noise and stand out from your competitors.
- Personalization is expected with today’s audience, and easier than ever to achieve.
- Sticking to platforms you own is both more sustainable and more effective at reaching your customers.
Now is the time to focus your resources on proven marketing strategies. And when the economic winds change yet again, your company will be able to build from a sustainable foundation.
