As Canada faces a looming recession, many companies are looking to build their resilience as they prepare to weather the storm. Companies face tough decisions as they look to cut costs during a time of slower growth, higher inflation, and more expensive resources. But scaling back operations doesn’t mean putting your marketing on hold. In fact, marketing is more important than ever to maintain your customer loyalty and continue to build for the future.
Remember, recessions are temporary. Losing your audience is forever.
In previous blogs, we’ve discussed the importance of maintaining your customer base and how keeping current customers is more cost-effective than attracting new ones. The key to customer retention is value. Do they see value in your brand? A recession will affect their buying power as well. Reinforce your Unique Selling Proposition (USP) and establish what sets you apart from your competitors. Providing an incentive (discounts, special offers, etc.) will also go a long way for your future growth.
Start the conversation.
Now is a great time to increase two-way communication with your customers and listen to their concerns. Use email marketing and surveys to make them feel heard. Get their feedback, find out how their needs are changing, and learn what they’re looking for in the future.
You don’t need to break the bank when marketing during a recession. There are many ways to stay active that don’t require a huge time or financial commitment. Blogs, social ads, and short video clips are just some of the low-cost alternatives to an extensive campaign.
Stay the course.
A recession is not the time for your business to go silent. It sends the wrong message to your clients that your company isn’t performing to expectations. Make adjustments where needed, but make sure your messaging stays consistent. If you’ve built a solid marketing strategy, it will provide you with the compass to weather any storm.