There is no doubt in everyone’s mind that the worldwide economy has been disrupted and will continue to change in the coming months because of the COVID-19 pandemic.
While retail stores, factories, restaurants, and offices have been severely disrupted to help fight the spread of the virus, the idea of a global recession makes things appear even more gloomy.
Although it may seem easy to be negative regarding the prosperity of your brand during these challenging times, there are things you can do as an ecommerce marketer to increase its chances of surviving or even thriving.
With the fear of the global pandemic still looming over everyone’s heads, people delving into ecommerce marketing should take the necessary steps to be ready for whatever happens next.
Should Ecommerce Experts Continue to Market During a Recession?
You may be surprised to know that it is possible to experience growth when you increase your ecommerce marketing efforts even during a recession.
Brands that continue to market themselves remain at the front of consumers minds. As soon as shoppers have the money to spend, they oftentimes turn towards these companies for their needs.
When you push through with your marketing efforts despite an economic crisis, you are putting out a message to your target audience. You are showing them leadership, strength, and the bigger picture – vital traits that consumers want to see when times are uncertain.
Even if the economic downturn has taken a toll on your brand, prospects and customers are going to be attracted to the stability you are showing.
On the other hand, deciding to cut down on marketing expenses during a recession can further reduce both your offline and online visibility. When this happens, you may as well leave the door to your target market wide open for your competitors to fill the gaps and take advantage of.
Ecommerce Marketing Strategies to Apply During a Recession
Even if you are unable to market to the best of your ability during a financial downturn, stopping your marketing efforts is simply not a good choice.
Here are some ways you can continue your ecommerce marketing while keeping your brand within budget.
Fall Back to Your Existing Clients
One of the best assets you can have during a recession is a customer base loyal to you. Having this makes it more affordable and effective to sell your products to your existing clients compared to finding new ones.
Marketing to your loyal clients is also cheaper, with a discrepancy of around 5 to 25 times.
You should let your existing clients be aware that you appreciate them by staying in touch. This can be done through email greetings, exclusive promos, and the like.
After all, loyal customers are the people who will continue to make purchases and even recommend you to others.
Stay Consistent with Branding
There is no question that more effort is necessary during an economic crisis. But for ecommerce marketing, you may not necessarily have to do more since there is going to be less noise in your industry for your messages to come across.
What you can do instead is to stay consistent with your branding and continue to engage your target audience. Start developing a monthly plan for your marketing strategies as this is going to be very beneficial.
Your plan can include a combination of press release content, blog posts, newsletters, emails and advertisements.
Empower Your Audience
You should make sure that your ecommerce marketing plan stays updated, especially when economic and market conditions fluctuate.
A vital step is ensuring that your brand stays positive by sending messages that have been optimised to the sensitive mood of your prospects and consumers. Try to avoid any resentment.
The messaging you put out should empower and encourage them, which is going to help create a strong bond.
Things to Change When Marketing During a Recession
Since many people have experienced loss of income due to the pandemic, you may have already seen the changes in consumer habits as the economy diminishes further.
The shift in budgets, priorities, and shopping patterns should be an indication not only to continue marketing but also to transform the way you market in the ecommerce industry.
Here are a few techniques you can apply so you can adapt to these unique circumstances.
What You Offer
A recession can result in two effects. Some businesses will be affected negatively while others actually flourish. The primary difference between these two has to do with the type of goods they provide.
Brands that offer necessary items will always have buyers, no matter the financial situation. Companies that are marketing goods and services that are not considered vital, may need to reconsider their offerings.
Perhaps shifting or adding essential products and services may be beneficial.
Your Digital Presence
Ensure that all of your profiles online show clearly to prospects and customers that your brand is open for business.
Continue engaging with consumers, advertise your latest offerings, and update your schedules so people know.
Many guides offer tips on how you can effectively communicate information and updates to your audience during a crisis.
Allocation of Your Budget
Whether you keep your advertising budget as it is, or reduce it during a recession, you still have to make a few tweaks on how much of your money goes to where.
Pay close attention to channels that are doing well and try to reallocate to those accordingly.
Your Marketing Tone
Since a recession is a time where emotions are high for everyone, it would do you well to change your tone to continue driving people to your brand.
It is possible to say the same messaging and retain the core values of your company, but you may want to cut out anything that may sound controversial or insensitive. Make sure anything that could be a trigger is removed from your social media profiles, emails and even your website.
Your Key Performance Indicators
Key performance indicators, also known as KPIs, are very useful in determining which of your ecommerce marketing campaigns are providing the best results. It also shows you which of them are underperforming.
Once you have an idea, you can begin prioritising those areas that are bringing more leads or income and get rid of those that are not. This approach is going to help drive sales while also keeping your budget intact.
In case of an economic downturn, you may have to change your marketing objectives, and thus, your KPIs that help you measure them.
Continuing to push through with your ecommerce marketing, even during a recession, is going to be daunting. It is mostly because the idea goes against your natural instincts as well as your standard operating procedures. Add shifting consumer behaviour on top of that and the situation seems even worse.
That is why you should optimise your marketing budget and be smart regarding your priorities as you accompany your consumers on a new journey. However, this does’t mean you should cut off spending on marketing your products and services.
Instead, you should think of this as an opportunity where you can provide people what they need during the economic downturn. By doing so, you can continue to drive more leads while making existing customers more loyal to your brand.