What if we told you there are ways to effectively “recession proof” your business now AND in preparation for the future, despite the fact that hardly any businesses will get through COVID-19 completely unscathed?
We understand that right now it’s tempting to prioritize short-term and immediate fixes–you may still be searching for solutions that can get you through this month, or even this week. But short-term solutions lead to short-term results, and the pandemic is far from over. Our recommendation is to take a step back and create a long-term plan so that you secure your customer base and ensure that you survive, and even go on to thrive, during the recession.
From making your business invaluable to your customers, to using great customer service and growing your consumer base, all while using your social and digital media marketing, our tips will help you prepare your business for any crisis that may arise. So read on to discover how to recession-proof your business during COVID-19.
Recession-Proof Your Business During COVID-19 by Being Invaluable To Customers
The first step to recession-proof your business during COVID-19 is proving to your customers that your company is invaluable. Ask yourself what you can do to make sure you are providing the best products or services possible. Go above and beyond, offering special deals to existing customers or a rewards system for returning ones. No amount of marketing will succeed in preserving your business unless your product or service isn’t already worth seeking out and bragging about.
In a time when growing your consumer-base is difficult, putting in the extra effort to secure the one you have and making sure they always choose you should be your focus. The key to this is making your company irreplaceable in their eyes. Make the ways in which you’re different from competitors obvious. This will ensure that when times are tough and it comes down to making a choice, they choose you.
Recession-Proof Your Business During COVID-19 with Great Customer Service
Brand loyalty is a top priority for those looking to recession-proof your business during COVID-19, and nothing cultivates brand loyalty like great customer service. People return to places where they know their feelings are heard, so pay attention and always be ready to listen.
Your attentiveness to customers’ needs and concerns should be even higher during the pandemic. You can demonstrate this by being transparent and communicative about the changes your business is making in response to COVID-19, and showing your customers that your staff is following strict health and safety guidelines. These should include making sure your staff is masked at all times, cleaning and disinfecting frequently, and maintaining social distancing measures. This shows your customers that you care about their wellbeing. It’s also important to reply to all messages and comments on social media, even negative reviews, exhibiting that your customers’ experiences matter. Address their needs by showing that you are responsive to their feedback.
That being said, it’s important to be authentic about what you can and can’t do. If they are asking for something you can’t give them, explain to them what you can do, and where they can go if they need more assistance. It will benefit you in the long run to prioritize the customer’s needs over an immediate sale. This will build trust and show people that your company prioritizes those it serves.
Recession-Proof Your Business During COVID-19 By Expanding Customer Base
Now that we’ve covered the importance of catering to your existing consumer base, the next step to recession-proof your business during COVID-19 is expanding your audience. And the great news is this can all be done digitally, using social media!
Social media platforms have some of the best tools for targeting specific markets. Facebook in particular is a great tool for reaching niche audiences using an ad campaign. You can also advertise on other platforms like Linkedin to reach specific audiences.
We recommend targeting several different audiences with unique ads catered to each consumer type. The advantage to having a diverse customer-base is that when a crisis hits, you’ll have multiple markets to draw from. That way if one group of consumers is pinching pennies and not buying from you, you’ll still have other markets to rely on for business.
When deciding who your different target audiences are, consider a couple of key markets who are likely to be the most invested in your brand. Your advertising campaign for each should have different ads that are each unique to that audience, tailoring your service to that specific market. You can use Facebook ads to create your campaign and use different ad sets for each audience.
Recession-Proof Your Business During COVID-19 By Being Flexible
During a recession, it’s important to be flexible and able to change rapidly. Adaptability is one of the keys to long-term success for businesses, and during COVID-19 we all must adapt to new normals. This means meeting consumers where they’re at and making changes when necessary to ensure they feel comfortable and safe doing business with you. By listening to feedback and being flexible with potential new adaptations to improve your business, you may just find a new idea that transforms your brand into something even better than before.
For example, when stay at home orders went into place, many restaurants began expanding their delivery zone. Places that didn’t used to deliver, like book stores or coffee shops, began to do so, bringing your favorite novel and a frappe straight to your door. Many of them made more revenue than they did before the pandemic! Bars which used to have mainly indoor tables began investing in expanded outdoor seating, allowing their customers to come while still feeling safe outside, and after months of lockdown people flocked to these places.
If there’s one lesson that we can learn from these examples during the COVID-19 pandemic, it’s the importance of knowing how to think on our feet and be ready to adapt our business strategy when issues arise. Try out new services, add more products to your store. If you see an opportunity to transform your brand, take advantage of it!
Recession-Proof Business During COVID-19 By Investing in Digital and Social Media Marketing NOW
Our largest piece of advice to recession-proof your business during COVID-19 is to not wait until times get better to start marketing. Now is the time to begin your plan for digital and social media marketing during COVID-19. This is the best way to ensure you maintain a strong customer base, grow your audience, and keep bringing in sales. Even if your consumers are spending less right now, digital marketing ensures that your brand stays at the forefront of their minds when they are ready to start spending again.
Remember, it’s never too late to start recession-proofing your business today. By following the above guidance, you can set up your business to last through COVID-19 and long after. And for more tips, be sure to check out our blog post all about digital marketing during COVID-19.
SN Digital Agency is an experienced, results driven full service digital and social media marketing agency, and we understand that many businesses need extra help during this time. If trying to re-think your marketing strategy during this time sounds overwhelming, we would love to talk to you about partnering with your business to leverage your social media presence for success now and in the future! Contact us today!