When consumers tighten their belts, it’s time to get even more serious about marketing. Why? Because the investments you make now could pay big dividends, not just in the immediate term, but down the road. Here are three ways you should be investing in your marketing right now.
1. Grow your market share.
The easiest time to build your market share is when your competitors are pulling back. When they tighten their belts, you can fill the vacuum. Think of it like buying stocks in a down market. You buy down-market stocks cheap, and when the market bounces back, their value grows exponentially. That’s true of market share, too.
2. Analyze your data so you can market smarter.
Now is the time to get to know your customers even better. Dig in and do your research. Who buys most frequently? Who buys the most at once? Who buys the most over time? What are the common characteristics of each group? Use this information to refine and better target your messaging. Like market share, this research will have benefits both now and in the long term and instantly give your campaigns a boost.
3. Market with compassion.
Although you want to be proactive in your marketing, you want to be sensitive to your audience, too. Focus less on direct sales and more on being a compassionate partner. If you are a fashion retailer, for example, offer ways to put together awesome new looks with items your customers already have. If you’re a coffee shop, suggest easy-to-make cookies or breakfast bakes to have with their coffee. Be a thought leader, a partner, and a trusted vendor who isn’t just looking to make a sale, but who has their best interest in mind.
Use this time to invest in your business and your customers for the long haul. Whether it’s in a postcard, an email, or uplifting text, be helpful and reassuring. When the market rebounds, you will be better positioned, with higher market share, and with even more loyal customers.