The global pandemic has created many uncertainties for businesses worldwide, including asking whether or not marketing efforts are essential during this time of hardship. Despite any shift or downward trend in the economy, it is still crucial for a business to promote and inspire interest in the products and services offered. In this article, Jason Kulpa shares 5 ways for your business to keep marketing efforts at the forefront, even during an economic slowdown.
One of the biggest mistakes that your business can make is to go dark on customers during times of uncertainty. Customers and advocates of your company want to know that you are still available and actively communicating with them. With connectivity fast and simple via the internet, there is a multitude of ways that you can inform your customers that you are still up and running. Whether through sharing a monthly email newsletter, sending out a weekly helpful hint, or posting advice to a social media page, there are easy and affordable ways to keep your business name top of mind.
Word of Mouth Marketing
It is known as one of the oldest marketing techniques in the books; grassroots marketing efforts are a simple and effective way to spread your business name. Word of mouth marketing can be as simple as joining a local small business association to meet other business owners. You might consider joining a toastmasters club, or volunteering at a local event. Getting to know other members in the community and associating your business name with local events can encourage other businesses and community members to support your goals.
Change Your Marketing Strategy
In times of hardship, families may look at ways to cut costs, including canceling TV subscriptions or reducing the amount of internet data access they have. As a result, businesses must get creative in how they continue to reach their audience. Rather than promote long TV commercials or paid web advertisements, companies can find other alternatives such as SEO or marketing through affiliates.
Be Willing to Adapt
The only way to survive is to continually evolve and adapt. Successful business owners know that not every product or service can meet customer needs through all seasons. In good times, customers can afford to splurge and purchase luxury goods or non-essential items. In times of economic hardship, most individuals are looking for ways to cut costs. As a business, finding a way to adapt goods or services and market to the current economy’s needs is one way to secure a future.
Understand Your Target Market
Even during an economic downturn, different customers are impacted in a variety of ways. While adapting your offering is one critical way to survive, you may be able to modify products or services to meet the specific needs of key market segments. It is inexpensive to adjust e-mail campaigns to target particular segments, and other marketing strategies can follow suit.
About Jason Kulpa
Jason Kulpa is a serial entrepreneur and the Founder and CEO of UE.co, San Diego’s Fastest Growing Business multi-year award winner, and a Certified Great Place to Work multi-year winner. Mr. Kulpa is a San Diego’s two-time winner of the Most Admired CEO Award of the San Diego Business Journal and also a semi-finalist for the Ernst and Young Entrepreneur award. Under Mr. Kulpa’s leadership, in 2018, his teams volunteered at over 24 events and worked side-by-side to improve the San Diego community. They hosted a gala dinner benefiting individuals with autism, cheered on Special Olympic athletes as they broke their records on the track, and brought school supplies and cold-weather gear to students impacted by homelessness. Jason’s mission is to bring awareness, support, and inclusion for special needs causes.