As everyone begins to panic about the US entering a recession, we decided to ask Alec Daniel of BlakSheep Creative, a digital marketing agency, how businesses should handle their marketing during this time.
What follows is a lightly edited transcript of our conversation.
Alec, thanks for joining us today. Can you tell us a little bit about your background in digital marketing?
I started my career in traditional advertising and then made the switch to digital about ten years ago. I’ve been working in the digital space ever since, and I’ve seen a lot of changes during that time.
What do you think is the biggest misconception about marketing during a recession?
I think the biggest misconception is that businesses should cut their marketing budgets. In reality, this is often the worst thing that companies can do.
Can you explain why?
When the economy takes a turn for the worse, businesses tend to panic and make knee-jerk decisions to cut costs. Marketing is often one of the first areas to be cut. But reducing your marketing budget can actually do more harm than good.
Studies have shown that companies who reduce their ad spending during a recession often see a decrease in sales during and after the recession. In contrast, companies that maintain or increase their marketing spending often see an increase in sales.
So, businesses should think twice before cutting their marketing budgets during a recession.
What are some of the most effective marketing strategies for businesses to use during a recession?
The first thing businesses should do is focus on high-ROI activities. There are many ways to market your business, but it’s important to choose activities that offer the highest return on investment.
Some examples of high-ROI marketing activities include SEO, PPC, and social media marketing. These activities tend to be more effective than traditional advertising, and they’re also more cost-effective.
Explain more about why these activities are more effective and how businesses can use them to their advantage.
SEO, PPC, and social media marketing are all digital marketing strategies that can be very effective in a recession. They’re so effective because they allow you to target your audience more precisely and get your message in front of them at a time when they’re most likely to be receptive.
For example, if you’re targeting people who are searching for information about saving money during a recession, you can use SEO to make sure your website appears in the search results. Or, if you want to reach people who are talking about the recession on social media, you can use social media marketing to target them with your message.
What are some of the biggest mistakes businesses make when marketing during a recession?
Again, I think the biggest mistake is cutting their marketing budget. This can have a long-term impact on your business, and it’s often difficult to recover from.
Another common mistake is failing to adjust their messaging. During a recession, people are more likely to be worried about their finances and their future. They’re also more likely to be skeptical of marketing messages that seem “sales-y” or “too good to be true.”
So, it’s important to adjust your messaging to reflect the current climate. Your message should be more focused on helping people solve their problems and less focused on selling them your product or service.
Finally, businesses should also avoid becoming too negative. It’s important to acknowledge the recession and its effects, but you don’t want your message to come across as too doom and gloom. People are already feeling down, so you don’t want to make them feel worse.
What are some of the best ways businesses can reach their target audience during a recession?
There are a few different ways businesses can reach their target audience during a recession.
One way is to use market research to identify where your target audience is spending their time and what they’re interested in. This will help you choose the right marketing channels to reach them.
If your target audience is on Tik Tok, for example, it’s time to invest in a good video strategy.
Another way to reach your target audience is to use data from your customer relationship management (CRM) system. This data can help you segment your audience and target them with more personalized messages.
Finally, you can also use social media listening tools to track conversations about the recession. This will help you identify any changes in your target audience’s behavior and adjust your marketing strategy accordingly.
What are some other general tips businesses should keep in mind when marketing during a recession?
Here are a few other general tips businesses should keep in mind when marketing during a recession:
- Keep your message positive and focused on helping people solve their problems – we’ve been through tough times before, and we’ll get through this one too.
- Don’t be afraid to experiment with new marketing channels – you may be surprised at how effective they can be.
- Focus on your most loyal customers – they’re the ones who are most likely to stick with you during a recession.
- Be patient, and don’t expect results overnight. Marketing during a recession can be a long-term strategy.
- Use data and analytics to track your progress and adjust your strategy as needed.
- Focus on high-ROI activities that will generate the most leads and sales.
- Stay flexible and be willing to change your approach as the recession evolves.
Digital marketing can play a big role in keeping your business afloat during a recession. You can keep your sales pipeline from drying up by targeting your audience with the right message and using high-ROI marketing activities. Follow these tips to make sure your business comes out of the recession stronger than ever.
If you need any help marketing your business during these trying times, reach out to Alec and the team at BlakSheep Creative. They’re one of the nation’s leading marketing agencies, and they specialize in helping businesses navigate tough times. Visit their website at https://blaksheepcreative.com or email them at firstname.lastname@example.org to learn how they can help you.