Do’s and Don’ts of Small Business Marketing During an Economic Slump
Inflation may be easing, but many small business owners are still feeling the pinch. You may be seeing your customers’ behavior shifting. Here are some ways to optimize your marketing efforts during the lean periods.
It’s never fun hearing the word “recession” kicked around ‒ especially when your livelihood is dependent on consumer confidence. While small businesses are often at a pricing disadvantage when competing with the Amazons and Walmart’s of the world, they provide community connection in addition to their advertised products and services. Something faceless corporations can’t do.
It’s important to be someone consumers want to continue supporting during uncertain times. Negativity can abound when the door is opening less frequently and order volume is slowing. This time can be advantageous, though. Here is some of what we’re doing (and avoiding!) as we work with clients in 2023.
DO Try Something New
Both when it comes to marketing and products/services offered, now is the time to look for new opportunities. Be it shifting your services to meet people where they are or offering something in high demand that you haven’t before, take advantage of the newfound time to find new revenue sources. Identify low price point opportunities with high margins and give them a try.
Consumers are wanting to do more with less — as always. Look into trying a new social media platform or offering your knowledge for hire if you are looking for low cost opportunities to try.
DO Be Transparent
As staunch mental health advocates, we never recommend suffering in silence. The same goes for our approach to social media strategy. When prices have to change or overhead gets a little too close, start talking to your community. Reaching out to other small business owners can be inspiring. Draw on their knowledge and recommendations; you may even find solidarity.
If things look stark — share with your fans. Comments of support may feel unhelpful, it’s even worse to wait until it’s too late for anything to help. While promoting your new efforts (see above), tell your audience why you’re trying something new. This can motivate sales.
DO Connect
Collaboration over competition. Now is the perfect time to reach out to your small business community and beyond. Get involved in local events and raise brand awareness by being an active community member.
Advertising dollars tend to disappear during tough times. Volunteer locally, be a donation location, or offer your business savvy to organizations like SCORE. Establish long term connections for your business’s future.
DON’T Hyperfocus
It is easy to be spread too thin trying to appear on multiple digital channels. Be where your loyal customers are (or were) and stay consistent. Some efforts can be scaled back if engagement is flagging, but don’t get caught putting all of your eggs in one basket.
Spending your year’s marketing budget on a single digital ad campaign, event sponsorship or brand partnership is a risky investment any year. Don’t let fear guide your decisions here!
DON’T Guilt Trip
It can start to feel like once loyal customers have forgotten you exist as business slows down. It’s important to maintain empathy and ask for it in return. Blaming customers for less frequent visits, taking issue with consumers trying to save money and other narratives that place blame on consumers won’t earn you favors. When your fans are looking to spend money locally, they will remember messaging like this — and not positively.
What would you add to this list?
This post was written by Green Loop’s Senior Marketing Manager, Jordan Shea.With nearly a decade working in digital marketing, Jordan has experience from a variety of projects – including work with coworking spaces and fostering entrepreneurship. A full-time freelance contractor since 2018, she currently specializes in digital advertising, but manages organic content strategy implementation and creation, as well. Jordan brings her experience to SCORE Mentorship and will be sharing her personal experience and professional recommendations for bringing your business to fruition.