Marketing in a recession is crucial for developing and growing your market share, especially when compared to pre-recession levels. It is also essential for ensuring that your product and brand remain relevant as customers reassess their needs and preferences. The concept of Maslow’s hierarchy of needs (https://en.wikipedia.org/wiki/Maslow%27s_hierarchy_of_needs) can help categorize customers based on their needs and guide them towards purchasing new or unfamiliar products.
Moreover, it is important to communicate to your customers that your business is still operational. With many businesses closing or scaling back their operations, customers may wonder which businesses are still open and providing the products they require. Retaining existing customers not only drives sales but also converts them into valuable brand advocates. Previous recessions have shown that businesses that emotionally connect with their customers and demonstrate empathy are more likely to recover successfully (a united front of “we are in this together”).
To help target your specific segment of recession consumers and implement tailored tactics, there are some great ideas and inspiration available in an informative HBR article (https://hbr.org/2009/04/how-to-market-in-a-downturn-2).
As part of your customer service and contactless delivery options, consider incentivizing repeat purchases or adding a special thank you with branded promotional lollies. We offer complimentary artwork setup or changes, allowing you to update your messaging to include links to online shops, coupon codes, survey incentives, or any other updates relevant to the current environment.
For more articles and insights on marketing during a recession, check out these resources:
https://blog.marketo.com/2008/06/7-strategies-fo.html
https://www.bluecorona.com/blog/recession-marketing-strategies/
https://www.socialbakers.com/blog/recession-marketing
https://hbr.org/2008/09/how-to-market-in-a-recession
