Marketing in a recession

All but the very lucky few are suffering at the hands of the current economic downturn. While it’s certainly not the first recession we’ve faced it is proving to be a big one and in times like these it is the smart marketer and the smart business owner that comes out on top.

The main key to marketing in a recession isn’t necessarily to plump for the cheapest option but to make use of the most effective and the most cost effective marketing solutions. Every aspect of your marketing should be about finding value and this may lead to increased spending in some areas as well as decreased spending in others.

Research everything thoroughly because there’s less room for mistakes. Customer research is more important than ever. Consumers have been hit equally as hard by the recession and so they too are less inclined to make impulse or sudden purchases. They will be willing to put off purchases in order to ensure that they get the best deal.

Consider your market share because research has shown that companies still willing to invest in their marketing during a recession seize the opportunity to improve their market share and can take custom away from competitors. Instead of reducing marketing spend, ensure that it is all being used wisely.

Concentrate on those products and services that are more recession proof even if this means making some changes to your portfolio. It becomes more difficult to sell luxury items when people have less money to spend on luxuries. Also concentrate on selling to the family and the home. During a recession we go out less and stay in more so items that are used around the home in these circumstances will tend to fare better.

Offer even greater value in your products. Obviously you already price your products and services at the optimal level but ensure that you’ve squeezed every penny possible from the price and continue to offer recession beating price drops to help ease the financial burden that your customers face.

Marketing in a recession means concentrating on smart marketing rather than cheap marketing. As long as a particular method or avenue of marketing is still returning a positive ROI then there is realistically no reason to stop it.