Marketing In an Industry Downturn

In times of economic recession or industry downturn, it is not unheard of for a large percentage of consumers to prioritize the “necessities” or set stricter spending limits on themselves. When the spending slows or stops, businesses are prone to cutting spending, reducing costs, avoiding new ventures, and slowing their marketing to a screeching halt.

economic downturnDuring a downturn, marketing doesn’t have to be reduced. Pushing marketing efforts even further through hard times can result in great long-term success.

There are plenty of inexpensive, easy to access marketing tactics that all businesses, regardless of size, can implement! Adjusting strategies, analyzing target customers, and trying new tactics are all shown to help businesses continue to flourish in times of change!

A Few Tips

Here are five cheap, easy to use marketing tactics to help a business through a time of industry downturn.

  • Create a How-To or Tutorial Video

Video content is extremely valuable in today’s online marketing scene, but you don’t have to spend big bucks to have a video produced and uploaded online. Try using Youtube for tips on creating your first video for free, or hire an inexpensive film student!

  • Mash-up Old Online Posts

Rehash old posts into new creations! Newer customers may not have gotten a chance to see older content, so don’t be afraid to re-post or update the information for a brand new post available to your entire audience at no cost to you!

  • Create New Business Cards

How long has it been since you’ve ordered business cards? Try a new color scheme or a new layout then give them to every last person you meet!

  • Rebrand Your Image

Maybe before you order those business cards, you can try rebranding your company’s image! Design a new logo, write a new company mission or motto, redesign your company website, or create new promotional materials!

  • Create Great Content

Even sweeter when you can produce it yourself, posting great online content is a major key to success in today’s market. Try sharing lists (like this one), industry tips, new ideas, or any well-made, relevant content to your industry!

It’s important to know that industry downturns are guaranteed to happen, but it’s even more important to understand how to push through them with success. If the money isn’t there, there are still ways to implement new, little to no-cost tactics, ways to understand the ever-changing needs of your target customers, and ways to adjust your business accordingly without breaking the bank