Why marketing is your trojan horse during a recession

There's no doubt about it, we're heading into a recession and when you're in the midst of it, it can feel like there’s no opportunity for growth. But if you stay focused on your marketing strategy instead of your competition, you can still achieve results even when resources are tight. Here are six suggestions to help you succeed in a difficult economy:

During a recession you aren't in a position to give up on marketing.

During a recession you aren't in a position to give up on marketing. Marketing is the vehicle that moves your business forward, so it's more important than ever to be visible and grow awareness.

During good times, businesses tend to focus on product development, but during tough economic conditions they need to put more emphasis on process and relationships. The right strategy will help you get through this period of uncertainty and come out stronger as a result.

Change your perspective, not your standards

As the economy slumps, many companies are cutting costs and tightening their belts in an attempt to ride out the recession. This is a mistake. Instead of cutting corners, you should look for ways to raise your standards—and increase revenue at the same time.

Your marketing is the vehicle that moves your business forward

Your marketing is the vehicle that moves your business forward. It’s the way you get your message out to your customers, and it’s how you sell your products or services. It’s also the way you build your brand identity: a recognisable reputation in the marketplace that can help drive sales and loyalty over time.

Remember that 80% of your business will come from 20% of your customers. Don't just think you have to keep finding new. This is a perfect time to nurture your current customers and offer complimentary services or products that support their business through the downturn too.

Maintain your relationships and grow through the customers you have as well as raising awareness with new.

Visibility and awareness are the keys to growth

You may have heard that marketing is a long game. It's true, but there are ways you can speed up the process.

Making sure you are present and offering value is a great way to prove your worth to customers and prospects - make sure you have a clear focus on value add throughout your marketing and services approach.

Hasten to add, adding value doesn't mean lowering your prices or giving away your trade secrets for free. You are valuable. Maintain that.

While content is key - think about case studies that show your value.

Finally, when you're thinking about your visibility and awareness - remember, people don't like to be sold to at the best of times. Make sure your content strategy is based on attraction over promotion and sales messages. Sales messages are ok but in small doses. Think about applying the 80/20 rule here too, 80% value, information, fun and community building. 20% sales.

Process matters more than product

Process matters more than product - What you do, how you do it and the benefits you bring matter more than the product/service. People want to know that they are going to be looked after, in safe hands and trust the people they work with.

Focus on what you can control, rather than what you can't. This is just as important within your business as it is to your marketing and it comes back to nurturing your client base. Be there for them, reach out, not just maintain but build those relationships - they will pay dividends in the long run. Because you are building your business to last, for the future not just focusing on quick wins for the here and now. That strategy will get you nowhere, fast.

Stay ahead of the competition and stay ahead of your customers - while prices increase, something else usually gives, don't let that happen with you. If you have to increase your prices due to supply and inflation, don't let your service and your process slip. Make sure you're matching the value.

Relationships matter most

In a time when the economy is unsteady and the business climate is uncertain, it's important to remember that relationships matter most. Relationship building is not only essential for building a successful business; it's also how you can move your business forward in times like these. Whether facing global recession or local economic downturns, there are still opportunities to grow your business if you're willing to work hard and rely on those around you.

Remember, marketing is the vehicle that moves your business forward. It doesn’t matter if you have a great product or service if no one knows about it. During a recession you aren't in a position to give up on marketing because it's not just about sales —it's about building relationships with customers who'll be loyal to your brand long after this economic downturn ends.