Updated: Jul 19, 2022
You're probably wondering about inflation and how it's affecting business right now. It's been said there is one coming this year, which sounds scary. Prices are higher than wages and people are struggling to live below their means.
According to multiple sources, consumer confidence has dropped heavily in 2022. So you may be thinking, "How can I still market as an entrepreneur in a recession? It seems impossible 🙄."
At Devyne Business Consulting, we have some tips on how to market your business during this recession period in the world.
Build your USP (Unique Selling Proposition).
Your clientele will be pickier about the money they spend during this time. They want to either save or invest in something that'll contribute to their needs. Clients and customers are looking for a solution that no other organization can bring them. That's where you come in at. Be sure to update your marketing plans to ensure you are still appealing to your audience, even in harder times.
Find new ways to market.
We see entrepreneurs stick with their regular platforms, being social media mainly. They're afraid to step out of their comfort zone to find new clientele. We know how important it is to make sales, but providing valuables to your audience will prompt them to shop/purchase from you, giving you room to make higher-ticket sales.
Some ways to expand your marketing
- Content Marketing
- Influencer Marketing
- SEO Marketing on your site
Pay attention to your competitors
Studying your competition is vital to understanding how to expand. If you see your competitors pulling back or not engaging in a viable piece of marketing, you are bound to beat your competition, gaining more exposure and clientele/customers.
This includes identifying your direct and indirect competitors (defined below).
Direct Competitors - two or more businesses offer products or services that are essentially the same.
Indirect Competitors - a product that is in a different category altogether but which is seen as an alternative purchase choice.
Niching down your clients'/customers' options is an amazing way to keep your business thriving through tough times. This gives your audience more options to choose from when shopping for products or purchasing a service.
P.S. - You can display your options through lead magnets with valuable information, persuading them to keep up with more offers to invest in when more convenient for them to purchase.
Anticipation levels will be through the roof.
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