Uncertain economic forecasts shift consumer behavior, whether we realize it or not. Clients start to weigh the ROI of each deliverable and customers are more price sensitive than ever.
It’s a common reaction to reduce your marketing activities out of fear. But research shows that these short-term savings could result in long-term negative consequences. Businesses that increase advertising during a recession experience higher sales, market share, or earnings during or after a recession.
This is good news for small to mid-sized businesses for whom marketing isn’t a luxury, but a necessity. While everyone else is pulling back, you can take advantage of the blank spaces left behind, increase brand awareness, and rise to the top of your market with less competition. But you’ll need to adjust your approach.
4 Strategies That Will Help You Ride The Economic Waves
Refresh your messaging.
Reposition your services or products to reflect the changing times. Audit your website and marketing assets to match the narrative inside your audience’s heads and coach them toward your solution.
Create mini or bite-sized versions of your products or services.
The “lipstick index”, coined by Estée Lauder notes that sales of affordable luxuries rise in economic downturns. Again, adjust your messaging accordingly.
Focus on conversion-driven marketing.
If you do need to pull back on marketing, rather than trying to continue to be everywhere, double down on 1-2 revenue drivers (like a new launch or campaign) and go all-in with the marketing activities you need to drive results.
Stay connected to your audience.
Instead of talking at your clients and customers, talk to them from a place of “we’re all in this together.” From ads to sales pages, conversational copy has a higher recall rate and builds greater trust.
Your clients and customers don’t want you to bow out, they need you to lean in. Big Picture Copywriting helps founders with conversion copywriting & brand strategy services that get results by staying human. BP clients have appeared in Forbes, SXSW, Apartment Therapy, Rising Tide Society & more. With 15 years of experience in marketing and copywriting for household brands BP’s founder Courtney Fanning has worked with New York Times bestselling authors, purpose-driven startups, and multi-passionate entrepreneurs to make more money with their messaging. Her zones of genius are website copywriting, brand messaging, email marketing copy, and launch & sales page copy.
More information about 1:1 client services, online course education, and the BP marketing and copywriting template shop can be found at bigpicturecopywriting.com.