Inflation, rising energy bills, petrol prices through the roof… The cost of living increase really does sound like all doom and gloom. But businesses can’t just shut up shop in response to this. What to do?
There are smarter, more strategic ways to deal with the crisis. Reassessing strategy and planning for a post-recession future is key to keeping business afloat. But, with these tips, you’ll keep afloat and thrive!
Here’s everything brands facing the economic crisis need to do to prosper and come out of the crisis stronger. Trust us – we’ve been through it ourselves and helped countless clients push through too.
Audit your outputs
First, breathe. Before you drastically change your business plan, scrap your marketing and cut jobs, take time to audit your current strategy. Find where you can strategically reduce costs and where you can focus your attention to produce the greatest return.
As a digital marketing agency, we’re all about testing and learning for maximum results. Amid the situation, you’ll need full visibility and understanding of what’s having a positive impact on your business and what could be paired back.
Google Analytics 4 is the best way of understanding the conversion funnel and being able to see where your customers are dropping off at a glance. When set up correctly, you’ll be able to create a nurture strategy that aligns with your funnel and respond quickly to any dips in engagement or drop-offs to ensure your customers stay by your side.
If you haven’t got time to do it yourself, get in contact with us. We work with clients across the UK, identifying where they can make a difference on the bottom line and implementing bespoke conversion funnels in line with our clients’ goals. We pride ourselves on transparency; that means no hidden fees or costs, and we won’t suggest anything that won’t contribute to your goals.
Address your customers’ pain points with your product or service
Don’t forget rule number one of marketing: Keep your audience at the centre of everything you do. Power your business decisions with your audience in mind, and you’ll be able to create an audience-centric approach amid the crisis, encouraging your customers to stay loyal.
Focus your marketing and advertising on growth strategies. Targeting, messaging and positioning is key. How can you address your customers’ pain points? Is it through shouting about your USP or how you’re adapting your strategy in line with your customers’ needs? What are your competitors doing to engage their audience in this trying time?
Honing in on your USP, whether it’s convenience, comfort, or your uncompromised sustainability ethics, will remind your consumers why they love (and need) your brand. In fact, seven in 10 customers are likely to buy more from brands they trust.
We’ve said it before, and we’ll say it again – nurturing your current clients and supporting them through this is key to staying afloat during this challenging time. By being open and honest with your audience, your customers will feel in the loop with changes to your brand, and then you can reward them for their loyalty to keep them around even longer.
Don’t pull the plug on your marketing
Ever wondered why Mcdonald’s, Nike or Netflix continue to advertise when everyone knows their brand? They’re big brands for a reason – they keep their brand top of mind for their consumers with always-on campaigns and… Giant billboards with bites taken out of them?! Regardless, you know who they are and what they’re advertising – they don’t even have to use their logo or their name to get recognition.
Focus on making your brand unique and instantly recognisable, so people are more inclined to purchase your products when they’re available. We’re talking about building brand equity – or the commercial value attached to your brand name. But how can you achieve this without blowing your budget?
Paid media (or paid advertising) doesn’t have to be expensive if you know how to be clever with your budget. Focus on budget-friendly options like social media, where you can reuse a handful of assets and copy across different ad types to reach your audience. If you’re currently advertising on TV, billboards and other OOH (Out-of-Home) platforms, switch to digital avenues where you have full control of your spending and can make data-driven decisions. And of course, always test and optimise your campaigns to produce the greatest ROI possible.
Don’t get disheartened
Wondering ‘will the cost of living go down?’ Eventually, yes. But inflation not set to fall for another two years, so you need to be implementing these tips right away.
While this year may not be your finest in terms of profits – continue pushing forward. Putting in the ground work now will make your brand stronger than ever, so once the recession is over, you’ll be in a position to make major sales.
And finally, don’t panic. As the saying goes, a problem shared is a problem halved, so why not share your challenge with an agency that’s dealt with financial crises before, yet still produced strong ROI for their clients? We are Arke – real, curious and bold. Even in times of economic uncertainty. Tell us about your challenge and we’ll provide free bespoke consultancy to take your brand to the next level.