The Centre for Economics and Business Research (CEBR) has predicted that the world will likely experience a global recession in 2023.
It’s clear that the probability of a recession in 2023 is high, and small business owners may receive the brunt of it—making it all the more important to prepare your business for the worst. As a small business owner, taking proactive steps to recession-proof your business is essential for the sustainability of your business.
Digital marketing is one of the most powerful measures you can take to ensure the economic downturn doesn’t stop your business in its tracks.
The internet provides a cost-effective and expansive platform to reach new customers, build customer loyalty, and increase repeat customers. In this blog, we discuss a few tips to recession-proof your business.
Create a Solid Digital Marketing Strategy
A well-thought-out digital marketing plan will provide a robust foundation for long-term success. Analyze potential customers, create a unique value proposition, identify the right channels, and build a plan to share your brand story with the world.
Focus On Content Marketing
Content marketing resonates with customers and is a great way to build an authentic and reliable relationship with them. Create relevant, valuable, and entertaining content for your customers—and share it thoughtfully. 67% of marketers report that content marketing generates demand/leads (a 7% increase since last year).
Build Relationships with Customers
Focus on creating meaningful experiences with your customers by engaging them in conversations. Utilize digital tools such as automated email campaigns, social media platforms, website chats, etc., to send relevant content to customers and stay in touch regularly.
Use reporting and analytics to assess how effective your campaigns are, and optimize them accordingly. Make sure you understand the return on investment of your digital marketing efforts and use this data to make informed decisions about how to best optimize your campaigns. Using tools like A/B testing and customer segmentation to personalize and customize customer communications will prove helpful as well.
Make the Most of Retargeting Campaigns
Set up retargeting campaigns on social media and search engine platforms to keep customers engaged. This helps to ensure that people who have shown an interest in your product or service will continue to see your campaigns and hopefully convert into customers. Another benefit is that it enables you to save money on ad campaigns and target the right people.
Ensure that your website is optimized for mobile, as mobile searches now account for over half of all web searches. In fact, it was found that mobile devices accounted for 63% of organic search engine visits. Focus on creating a consumer-centric mobile experience, with features such as click-to-call and click-to-map.
Hire a Business Coach to Help You Develop the Right Strategy!
Planning to start a business or already running a business? Launch and Balance Consulting LLC is a full-service business consulting firm that specializes in helping business owners scale to maximize their profit potential.
We take a comprehensive approach to help you develop the right strategies for recession-proofing your business. Our experienced business coaches provide 1:1 support and advice, helping you develop marketing plans, financial strategies, and sales plans to ensure your business is recession-proof.
Reach out to us to get the support, clarity, and confidence you need to succeed. Book a consultation today to learn more!