During recessions and periods of economic hardship, businesses tighten their strings. This is only natural and reducing costs can be an essential measure to weather the storm. However, one mistake many businesses make are cutting their digital marketing spend almost as a knee-jerk reaction to a downturn in the economy. Since the recession in 2008, the power of social media has grown exponentially and is a valuable tool in helping your business get through periods of hardship.
Helps you stand out
If your competitors are cutting their marketing, holding on to your social media and online presence will mean that you are left standing. You can further enhance your strategy to match your new position in this landscape and adjust your messaging to meet the new priorities of your customers. Keeping yourself visible will be vital to the health of your business and maintaining steady cashflow.
Cheaper than traditional marketing
As opposed to campaigns of print ads, social media marketing is inexpensive for the value it can bring. You can still save money and pull off the obligatory recession string tightening without sacrificing your business’ footprint. It is a marketing strategy that’s easy on the balance sheet. A social media campaign is also far more agile. You can adjust your strategy on the fly to change the direction, messaging, audience, or volume with relative ease. You’ll be able to pivot quickly to meet changing needs and find the best solution for your business.
Build an online brand
During a recession everyone is looking to get the best value for money and will be far more inclined to work with businesses that they trust. With social media you can engage directly with customers and share real time updates. This will help people get to know your business better before they even make an enquiry while they are just scrolling through their feeds. You’ll be able to share your values as a business and examples of your work to display that you are a trustworthy and reputable business. You can also share testimonials, reviews, and case studies that show what makes you so good to work with, further cementing your brand.
Make it worthwhile to follow you on social media. Offering exclusive offers or discounts through your accounts will reward customers for paying attention to your posts and make them feel valued by you. Making those on your socials the first to hear about new developments in the business, advancements in the industry, and special offers will endear them to your company and create a loyal following. Don’t be so generous with these incentives that it impacts your cashflow, but enough that it draws the eye and makes someone genuinely interested in enquiring.
Cost-effective, agile, and personalised, social media marketing is the modern way to build relationships with potential customers and establish yourself. For further help with your finances during a recession, make sure you engage the help of a professional accountant. Omer & Company Accountants are a highly trained team that expertly manages the finances of local businesses. To find out more call 020 8850 0700 or email firstname.lastname@example.org.