While other pool companies were shying away from topics like price and potential problems with their products, Marcus chose to address them directly on his business's website.
As a result, River Pools and Spas, brought in more traffic and leads who were concerned about price. Eventually, these turned into sales — and the company was doing even better than it was before the recession started.
As we said earlier: Modern buyers want to be educated. They want to be empowered to make their own buying decisions.
In an interview, Marcus noted: “When prospects research their problems online and find that you provide answers and solutions, they are more likely to trust you and remember you."
And when they remember you as a trusted expert, they are more likely to buy from you when they are in a position to again.
2. Focus on price and value
What should you be addressing in your marketing exactly? During an economic recession, buyers tend to be more price-conscious.
With this in mind, use your content to educate your audience on how much a product or service like yours costs. Talk about what a realistic price tag looks like and explain the details.
Create a pricing calculator like the one pictured below from Outgrow. Write a pricing guide. Explain what makes costs increase or decrease.
Example of a pricing calculator by Outgrow
This is the kind of information that will help buyers plan their budgets and make the most financially sound decision for themselves.
3. Optimize your website
Your website is your 24/7 marketer and sales rep. It never takes vacations and it never needs a raise.
Optimizing your website will enable it to do more of the work for you when customers are looking to bite, rather than you having to do the legwork to find them.
4. Rethink your positioning and 'packaging'
During a recession, the value of your product may not be as top-of-mind as it would be during normal economic times.
Consider how you can reposition your product to help your business stay profitable.
For instance, while people were stuck in their homes during COVID-19 lockdown, several brands like Spotify and Unilever pivoted their focus or developed offerings to help consumers cope with their new circumstances. This earned a great deal of favor and even some revenue.
Others companies even put profit aside to simply offer aid.
Now, amidst inflation, local restaurants in my area are offering "Inflation lunch deals" to entice some cost-conscious buyers.
The point is, smart businesses don't stay oblivious to the world around them. They seek a way to stay relevant and help their customers through difficult times.
A recession could also be a valuable time to explore how you can repackage your product or service.
All in all, you want to explore ways to overcome objectives and make it easier and more comfortable for people to buy from you.
5. Explore partnerships
Another smart way to market your business during a recession is through partnerships or collaborations.
If you use particular tools (like we use HubSpot), find out whether they offer a partner or affiliate program.
You can also think about co-branding a campaign with another organization in our space or working with an influencer or thought leader.
For instance, you could co-host a live event on social media or publish a co-branded piece of content like HubSpot has with KissMetrics.
Both opportunities allow you to capitalize on the network of your counterpart to expand your reach and potentially grow your audience. They may also help you boost business through referrals and network with others to explore other opportunities.
Don't let your marketing (or your relationships) go dark
There is a lot of uncertainty that comes with inflation and recession. It's natural to be concerned, but that doesn't mean you just retreat with your marketing.
The best any business can do is pay attention to its surroundings and lean into what will bring it the greatest impact in the shortest amount of time. The five tactics we discussed here will help you get started.
Want to learn more about how to save money and improve results by bringing your marketing operations in-house? Talk to one of our coaches!
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