Many financial experts and economists are vocal that a recession is looming. But is it something you should worry about? For many entrepreneurs and small business owners, "recession" is a scary word. While recessions are difficult for many people, it doesn't always mean disaster. In fact, many entrepreneurs and small businesses find massive success during economic downturns.
What a recession really means is you have to get extra creative with how to bring in revenue. More specifically, it means you have to make every penny count when it comes to marketing. And you shouldn't be waiting for an official recession announcement to start this. The more you sell now, the better off you'll be later. If (or when) we do enter a recession, you'll have the momentum to keep going. And if you fall on hard times, you'll have the safety net of pre-recession profits to cradle you.
So how do you rev up profits? You rev up marketing.
After all, you already have a world-changing service or product. Now you need to get it in front of as many of the people it will serve as possible. Persuasive marketing strategies will make sure your business stands solid in the storm. And there's no time better than the present to start increasing brand awareness and optimizing for conversions.
People don't stop all spending during a recession. But they do stop spending on things they think they can live without. With scroll-stopping copy that can't be ignored, your business moves from a want to a need. How does that transition happen? Careful positioning (your unique selling proposition), attention-grabbing headlines, valuable and engaging content—all using a careful combination of words.
3 ways to stretch your marketing budget
Launch an ads campaign
Ads are a great way to boost your reach to the masses. The sophisticated technology we have now allows you to target specific people. This greatly increases the success of digital advertising. In fact, current data shows that Google Ads generate an average of $2 revenue for every $1 spent. And with the vast majority of people turning to Google as the first step in finding a solution, it's a surefire way to get in front of the people who are searching for what you have to offer. Social media also offers an incredible opportunity to increase awareness of your brand and guide your future clients totowardwards connecting with you.
Start email marketing
Email marketing boasts an impressive 3,600% return on investment, according to Litmus—the leader in email marketing analysis. Meaning that for every $1 spent, $36 in revenue is made (on average). Smart Insights—another leader in data analytics. reports email marketing having a 4,000% ROI. These stats are hard to ignore. Since email marketing takes some time to ramp up, it's should be considered as early as day one of your business.
Create content
There is an old saying in marketing—"content is king". And it really is! Content marketing is a bona fide way to build trust and credibility with your audience. This trusting relationship is a fundamental part of guiding your audience on their buyer's journey. The Content Marketing Institute offers some insight into the ways businesses use content to grow.
Brand awareness (content is a large part of your SEO)
Building credibility and trust
Building a subscribed audience (repeat visitors)
Generating sales
Data also shows where people prefer to view and interact with content. Social media, blogs or short-form articles, and email.
Making every word count
In a recession, it is more important than ever to stand out among your competitors. So the words you use to describe and sell your business need to be chosen with precision. Contracting with a professional copywriter gets this accomplished in the most efficient way. Your time is precious—and so is every penny you spend on marketing. A copywriter will take a deep dive into understanding your business, what it offers, and to whom. Then create persuasive messaging that resonates with the needs of your future clients. Investing in great marketing copy usually pays for itself several times over. One brilliantly written social media ad has the potential to catch the interest of thousands of people. Combine this with an expertly worded sales page and you have the ingredients for skyrocketing sales.
Final takeaway
Being in business for yourself gives you an edge because you’re in the driver’s seat for your financial future. But when it comes to marketing before and during a recession, you need to be strategic with your spending. Concentrating on brand awareness and sales now means financial stability later.
Working with a professional copywriter will help you make the most of your marketing budget. Schedule a discovery call with me to get started!