With global economic slowdowns and a shift in consumer spending habits, it is more important than ever to understand the changes ahead and how they will impact your business strategies.
2023 is no exception.
The Facts of the Matter
Rate-hike cycling is coming to an end as Canada braces for economic slowdown.
As a response, large companies are expecting a decline in their marketing budgets, while smaller ones are struggling to stay afloat.
But it’s not all bad news.
The good news is that even in trying times, there are still strategies to help you successfully navigate the changes ahead.
As marketing and advertising evolve, so should your business.
For marketers and business owners alike, staying up to date is key to ensuring their strategies are effective, relevant, and crucial for success.
Here are a few tips for recession-proofing your company and bolstering your marketing efforts during an economic slowdown.
1. Tell a Story Through a Campaign
Good stories are the ones people continue to remember. Similarly in marketing, a good campaign or content is something that will be shared long after its original release.
Not entirely a new concept, Content Marketing has been around for decades for businesses to market their products and services from broadcast media in print, TV, and radio to the Internet and social media.
Sure, everything is one click away now. But with the onslaught of accessible information at the tip of our fingers, meaningful content versus clickbait is becoming a challenge to distinguish between the two.
The question now is – how valuable will your content and brand management be to your audience?
Creating high-quality content is not merely used to attract attention anymore, but rather as a medium to reach out to your brand’s target consumer. Simply put, a business has to, to some degree, drive content towards authenticity.
|Sharing stories has always been a part of the human experience. Whether your content is through a blog post, podcast or newsletter, tell a good one.|
2. It’s Time to Get Personal
An important marketing tool that paved the way in 2022 for brand management and businesses to design a more personal interaction with potential customers and enhance their user participation was personalization.
Think of it in the way a friend gives a present to you and vice versa.
Perhaps you’ve gotten a notification about the items you left in your shopping cart or seen a travel ad for your dream holiday destination.
Other than data-driven information and the use of artificial intelligence (AI) to machine learning (ML) such as ad algorithms—this allows businesses to tailor their messages and interactions to customers based on their preferences, behaviours and other demographic information.
In turn, this improves customer service efforts and drives the individualized consumer experience.
Here is where you can learn how to move forward into the future.
3. Building Brand-Customer Relationships Through Social Media
What started off as a mode for social networking, Social Media has become a powerful marketing platform where businesses of all sizes can leverage their marketing needs and brand awareness.
In the 3rd quarter of last year, a study showed that 59% of the world’s population has a social media account.
That’s about more than 4 billion people, averaging 30 minutes to over 2 hours of usage a day!
However, with the digital sphere nearly content-saturated, brand management and social media tactics now must be strategic.
Other than ad algorithms, converting clicks and views into potential sales and revenue, a brand must also consider the content they share.
Social media set into motion an avenue for open discussion and brand-customer engagement to communicate with their audience directly.
People prefer to interact with brands that are engaging and make them feel seen, heard, and appreciated.
|We see it carrying over into the new year as a great way for a business presence while building relationships with their consumers at the same time.|
4. Improve Decision Making Through Data
Understanding how different tactics impact consumer behavior has been crucial for marketers.
One tool that isn’t going away anytime soon that has enhanced the process of quantifying marketing performance is Data-driven Marketing.
Similar to the field of research, data-driven marketing comprises collecting, measuring and analyzing information for marketers to better measure ROI (return of investment) and make adjustments where needed.
It also helps gain valuable consumer traffic, sales leads and a firm business presence.
While there are risks in terms of the instability of the current market, focusing on data analysis whether it’s Descriptive, Diagnostic, Predictive or Prescriptive is forming future strategy decisions that could mean the difference between the success (or failure) in any given campaign.
5. Hybrid Marketing Methods
Last but not the least, one of the most important aspects for successful marketing will be to diversify marketing channels.
What this means for your brand management: to combine traditional marketing methods – such as print ads and radio spots – with modern approaches as in email and newsletter campaigns, streaming advertisements, and social media to webinars or podcasts.
This initiative provides for a more expansive demographic, and requires knowing the right generation to attract in your brand management.
|Optimize your business presence to those who are already familiar with your brand or product offerings.|
While uncertainty is expected in 2023, it comes with opportunities for businesses to take advantage of the new technologies and strategies available at their disposal, especially in an economic downturn in which most businesses fall backwards on their marketing efforts.
As always, in an ever-changing landscape as in marketing, it requires creativity in the approach to evolve, adapt, and grow.
We predict that to successfully navigate the changing market conditions isn’t just coming up with clever objectives, goals, or tactics for your brand management.
Rather, it is to continue innovating for this new year and beyond.