Downturn or Upturn? 4 Ways to Grow Your Business in a Recession

The worst of times or the best of times? That’s the question. You’re faced with inflation, a contracting GDP, and the bear is back. What’s more, not all economists agree. Some say a recession is a possibility. Others think it’s already here. What’s a business to do? Read on for ways you can weather the storm.

Whether or not we’re facing a recession, don’t discount the possibility for growth. Consumers may cut back, but they’ll continue to spend money. A very large percentage have spent time building up balances in their savings accounts. The real question is this: How can you assure customers that your products or services are worth every penny they spend?

1. Earn Their Trust.

Now, more than ever is the time to earn their trust. Offer them the value they deserve and secure their loyalty as you increase your marketing efficiency by effectively measuring your efforts. Believe it or not, you can put each of these objectives to work, while building on growth and keeping an eye on your advertising spend as well as its effect in the marketplace.

2. Fine Tune Messaging

Right now, you’re wrestling with how to sustain and build revenue, while customers are questioning whether or not they can afford to make certain purchases. This is your opportunity to fine tune your messaging so it’s in line with your customers current mindset. In short, emphasize the value and need for your product or service. Also, a sincere “Thank you for your business” will go a long way toward maintaining their loyalty.

3. Adjust Pricing

This is a time in which your business can benefit from price adjustments. Your pricing should reflect the current economic times. Maybe you decrease the size of your product or cut back on the extent of the services you offer. Be sure to reinforce this adjustment in your messaging, making a positive impression on customers while demonstrating that your business is committed to helping them during this difficult time.

4. Watch the Data

Be sure to keep a close eye on your transactional data. What goods or services are popular with your customers? Here’s your chance to offer them discounts. And don’t forget that essentials are something they’ll continue to purchase in a downturn. One last thought, why not pinpoint new candidates for your loyalty programs?  

The keys to sustaining and growing your business during this difficult time are thoughtful messaging, honest value, building loyalty, and ongoing marketing measurement. To find out more about driving growth in a downturn, get in touch with John Wagoner or Adam Bledsoe, Maycreate’s account supervisors. They’re here to help, and can be reached at (423) 634.0123.