How To Market During A Recession? Person looking at his computer thinking about a marketing plan during a recession.

In this article, we will go over each industry’s marketing strategy during a recession. And then we will go over the essential marketing strategies that every business, regardless of their industry, should implement.

Know Your Industry

The first thing you want to do is look at your industry? Is it recession-proof? Typically, industries such as health, financial, accounting, insurance, education, IT, legal, and funeral services are recession-proof. Knowing if your business is recession-proof will help you, your strategist, and your marketing strategy.

Marketing For a Commodity Companies For A Recession

If your business is a commodity, then this is the time to increase your reach and decrease your spending. You want to be clear in your advertisement by focusing on why people should purchase your products. For example, one of our clients sells water trampolines. We focus our marketing on competing with any marketed price and their exceptional service quality. Whereas before, our marketing focused on creating memories at the cottage that would last a lifetime to pull attention to the emotional aspect.

Another tactic is offering smaller sizes of your products/services that cost less. And then promote these products for low cost but high value.

Marketing For A Essential Companies For A Recession

Typically these companies are food, gas, plumbing, and electrical. You also want to decrease the number of product launches and releases to continue to gain market share.

This is the time to increase your spending and marketing efforts for paid marketing. Your average CPC will most likely be lower. Thus you can increase your customers and reach a lower cost per conversion rate.

Another tactic is offering smaller sizes of your products/services that cost less. And then promote these products for low cost but high value. But on the opposite side, you can promote

Essential Marketing Strategies For A Recession Regardless Of The Industry You Are In

Focus On Building Brand Loyalty

During a recession, loyal customers are essential. They, on average, cost less to market and have longer lifetime value.

  • Send more heartfelt emails and social media posts that aren’t sales-heavy.
  • Show positive messages that show stability.
  • Post more behind-the-scenes for people to connect towards.

Create A Tiers Pricing Strategy

To prevent people from fully stopping purchasing from your company, implement a tiered pricing strategy. It gives people options to optimize their spending. If you have the time and budget space, offer a free service/product that people can use during a recession. Then once the recession is over, you can up-sell those customers by showing them the larger tiers with more benefits.

Change Your Brand Voice

During a recession, people’s emotions are heightened due to fear and the unknown. You must recognize these emotions and switch your tone and brand voice to understand the current time. This would be a good time to review your automated emails and social media posts.

What to do next?

Contact our team to learn more about how to market your business during a recession.