WITH the threat of a nationwide recession, inflation at a 40-year high and a cost-of-living crisis to grapple with, businesses are under pressure to save costs and increase revenue.
Add the war in Ukraine, Brexit, and the fallout from COVID-19 into the mix, and it’s easy to see why companies are on edge about downward market conditions.
At Blueberry, we believe there’s always a silver lining, even in tough economic times. Organisations can use this time to boost resilience, encourage innovation and promote business growth.
It’s easier than you think. During the pandemic, business owners were forced to switch to new industries, and offer novel products or new services to meet their customer’s needs. By anticipating what’s to come, firms can meet the financial crisis head-on. Consider WFH work Fridays, explore new sales channels, collaborate with another company, or pivot your business to reach new markets.
Think long-term by focusing on the short-term and follow our proactive tips for business success during the recession.
Be Innovative & Identify New Opportunities
Businesses should take advantage of new opportunities that crop up during the economic slump. Being able to pivot operations or strategy is crucial when navigating a recession. A flexible company can adapt to change, increasing the chances of survival and growth. Innovation can be simple; it doesn’t need to be complex. During lockdown make-up artists launched organic skincare ranges, gastro pub chefs delivered their homecooked meals to families and video producers created 360-degree virtual experiences. Could you adapt your business model, products, or services? By being strategic, agile, and creative businesses can use marketing to continue to grow their customer base and revenue throughout a recession.
Engage With Your Employees
The most important asset to your company is your employees. Historically, when times are hard, people will rally together. Talk to your team leaders, trouble-shooters, and mediators. Take on board their suggestions, give them regular feedback and ensure that they feel valued and appreciated. Their extensive knowledge of your business could inspire innovative solutions to problems. They could generate fresh ideas to increase productivity, digitise existing services, automate tasks, or take on more responsibilities. Encouraging innovation in the workplace could lead to new processes, goods, or services.
Focus on Customer Needs
Reach out and reassure your clients. Talk to them about their concerns and requirements during this challenging time. Stay in touch when things go wrong and ensure that any major concerns are dealt with quickly and comprehensively. Plumbers stayed connected with their customers during lockdowns by launching marketing automation and social media channels. Think about how you can sustain customer relations in this current climate. Focus on retaining existing customers and supporting their needs. Ensure that they’re happy with your service or product.
Gaining new customers will be substantially harder during these tough times. But could you generate more business with your existing clients? Consider contacting former clients or time-lapsed customers. How could you re-ignite these relationships and encourage them to invest in your products or services? Have they got any “pain points” that you could address? By providing value to customers and addressing their needs, businesses can maintain and grow their customer base. When clients are spending less, enhance your customer service and provide more value for their money.
While it makes sense to review your cost structure and get rid of unnecessary expenses during times of uncertainty, cutting back on marketing spending is a grave mistake. It’s natural to be worried about spending money, but marketing is not a luxury add-on. It’s integral to the survival of your business. Brands that fell off the grid for six months during the Coronavirus pandemic faced a 39 per cent reduction in brand awareness, according to Kantar data analytics. It also impeded their recovery in the post-pandemic world. Concentrate on cost-effective marketing methods, such as social media, email, and telephone campaigns, to reach your target audience. Explore alternative sales channels, such as online marketplaces or social media.
If your firm needs support to prosper during the recession, contact Blueberry to discuss your needs with one of our experts.
[Copyright © 2023 Angela Kunawicz & Blueberry Marketing Solutions. All rights reserved.]