Economists have declared the U.S. a nation in recession, yet not all businesses are affected. Some are feeling a pinch; others see little impact.
Historically speaking, a recession is a time when market share is more likely to change hands. Businesses with the financial means to increase their market share take their best shots at doing so. It’s a strategy that has its risks; recession is a dangerous time to misallocate precious capital.
Most businesses are not so financially strong that they can aggressively chase market share. On the other hand, they can decide not to yield market share without a fight. For those businesses, here are marketing activities suited for current times.
Ten Marketing Activities to Pursue Now
- Reallocate some paid advertising money to “earned media.” Develop a base of reputable content that is worthy of earned media coverage and leverage it across all your channels – website, podcasts, social media, etc.
- Remarketing efforts should remain a priority because they are cost-effective. The content is ready to go, and some people respond better to a message they’ve heard more than once.
- Redouble your SEO efforts to improve search rankings and generate new website traffic.
- Limit paid search efforts to your most high-impact keywords/phrases.
- Explore account-based marketing if your targets are high-value accounts. Highly personalized custom content is effective with this audience.
- Reallocate part of your marketing spend from brand awareness to targeting outcomes. The rationale is simple: some of those becoming aware of your brand won’t be positioned to spend at this time.
- Optimize your website. Long-time customers and first-time visitors want to see a site that’s edgy, but more important is optimizing the site for mobile devices. It speaks to your business awareness and expectations.
- Lean into social media. When customers talk up your brand, it carries greater weight than when you do so.
- Invest in content to build quality traffic. Increase content – blogs, podcasts and videos – to support SEO. Adjust your mindset for an expected payback period of 6 to 12 months.
- Build loyalty by strengthening customer relationships. Ask often about their current challenges and offer potential solutions whenever you can. Those you can help will become your most loyal customers.
Although the economy looks uncertain in the short term, sound business practice is to continue marketing efforts to maintain, and possibly even expand, market share.