As the recession forces consumers to tighten their belts, it also forces them to be twice as picky when it comes to buying goods. However, traditional-run businesses prioritise slashing off the marketing and advertising budgets when a crisis happens. Don’t make the same mistake.
With every crisis comes an opportunity. When consumers become extra-careful with their purchasing decisions, use this time to shine. Make sure that the right people know that your brand is there, ready to serve and help them in their time of need. Below are tips on how to prepare your online business against recession.
1. Focus your campaign on maintaining customer relations
It is almost always more cost-effective to invest in keeping existing customers happy than to have to look for new customers all the time. The fact that you’re business is online already creates numerous opportunities to keep in touch with your best customers. Keep in mind the Pareto Principle—80% of your profits come from 20% of your customers. These 20% make up your loyal customer base.
2. Always be in the know regarding shifts in market behavior
The lifeline of your online business is keywords. People won’t find you if they don’t know that you’re there in the first place. Successfully owning niche keywords depends on how well you know your market and how quick you are to detect changes in their behaviour and personalities. Apply the insights you have gathered to beef up website content and convert ad clicks into sales.
3. Make a promise and consistently deliver more than you promised
Knowing your strengths will allow you to determine what value you can offer your consumers, and what differentiates you from your competitors. Accepting your weaknesses will save you from the pitfalls of overpromising. However, mistakes on your end are inevitable. You have to know how to manage your mistake. Use mistakes as opportunities to further show your customers how well you can take care of them.
4. Use every opportunity to satisfy customers
Your opportunity to shine begins as soon as buyers think about you and the opportunity to please them never ends. Guide customers through every step of their decision-making process. Study your market and determine which landing page is most suitable. Where do you place your hotline? How often should you mention the warranties that come with purchases? The goal is to make customers feel smart and confident about their purchase. Follow through with after-sales service, and your customers will come back for more.
5. Lock on your target market
Build your entire online campaign around your target market. Knowing how they behave towards your product and category will save you money and increase your ROI. Localizing ads and limiting placements to select geographical areas can help you monitor the returns per ad and track which areas need more support. Timing the placements of your ads will also minimize cost and save you from paying for clicks that are nowhere near conversion.
6. Make sure your ads are seen only by those who matter
Raking in a staggering number of visits does not translate to the same number in actual purchases. Put your money where it can be recovered twice over. Figure out where and when your niche is on a buying mode and invest in that window
