Small businesses can use many marketing tactics to attract and retain customers during economic downturns. Some of the most effective tactics include social media marketing, email campaigns, referral programs, and content marketing.
Social media marketing is an excellent way for small businesses to reach new customers and build brand awareness. By leveraging platforms like Facebook, Twitter, and Instagram, small businesses can create engaging content, interact with their followers, and promote their products or services.
- Email campaigns are another effective marketing tactic for small businesses. By collecting email addresses from customers and prospects, companies can send targeted messages that promote their products or services and encourage customers to purchase.
- Local Marketing, Reviews and Referral programs are a great way to incentivize existing customers to refer new customers to your business. Small businesses can tap into their existing customer base and expand their reach by offering discounts or other rewards to customers who refer new business.
- Finally, content marketing is a powerful way for small businesses to build brand awareness and establish themselves as thought leaders in their industry. Small businesses can attract new customers and build trust with their audience by creating high-quality content, such as blog posts, infographics, and videos.
During the 2008 recession, Apple increased its advertising spend by 25% and saw a 50% increase in iPhone sales. Similarly, during the COVID-19 pandemic, companies like Peloton and Zoom increased their marketing spend to capitalize on the surge in demand.
Risks and Challenges
While investing in marketing can be a powerful tool for small businesses during economic downturns, there are also risks and challenges associated with increased marketing spend. For example, financial constraints may make it difficult for small businesses to allocate resources to marketing, and forecasts of reduced consumer spending may make it harder for companies to see a return on their investment. Small businesses should focus on targeted, cost-effective marketing tactics to attract and retain customers without breaking the bank.
In our next series installment, we’ll go even deeper into tactics that your competition is probably struggling with Reviews and local search. We’ll review tools like Text Yelp and Google Business Profile. Of course, you can start right now by reaching out to us and getting a personal no-obligation consultation with one of our thought leaders here at MHMS. We’d love to hear from you!