There’s no denying the global economy is in a state of flux. Global GDP has still not recovered to pre-Covid figures and rising inflation and interest rate continue to put pressure on international markets.
Whilst on paper the global economic outlook may be somewhat gloomy, it’s important to remember the importance of marketing your business during a downturn. Marketing after all, can be the key to business growth.
Shrewd businesses are prioritising their marketing efforts instead of pulling back on them. In fact, a recent Gartner survey found marketing expenditures surged to 9.5% of overall company revenue in 2022, marking a significant increase of over 6% compared to 2021.
Effective marketing plays a pivotal role in enabling businesses to flourish. By distinguishing your brand from competitors and building a loyal client base, you will pave the way for the long-term growth of your business. By investing in the right marketing strategy now, businesses will reap the benefits when consumer confidence improves.
With this in mind, here are 4 recommendations for SMBs to action now to boost their marketing efforts:
Develop a Rigorous Strategy
Carrying out tactical marketing initiatives without a robust strategy is tantamount to pouring money down the drain. Taking the time to develop a strong, evidence-based strategy to underpin your marketing efforts will pay dividends both in the short and long term. Working with a marketing strategist to create the right plan will ensure time, resource and budget are used for maximum benefit to the business.
Utilise your CRM
Are you utilising your CRM to its full capability? We often find SMBs have a wealth of useful information buried deep in their CRM. We all know it’s easier to sell to an existing customer than to acquire a new one, so it’s important to analyse the information you have on your customer groups. Do you understand who your ideal customers are? What is your current churn rate? How are you adding lifetime value to your existing customers? Do you have a loyalty program? The key is to extract the right information to help you make informed marketing decisions.
Test your Marketing Channels
Are you regularly evaluating your marketing channels? Revisit the effectiveness of the channels you are using to communicate with your customers. How are you generating leads, are you converting them and are you retaining them? Having a robust channel strategy in place will allow you to effectively allocate your resources and optimisze your efforts accordingly.
Think Outside of the Box
Periods of decline often lend themselves to greater opportunity. Look at your operating market, how has it changed, has the demand for products or services evolved and could this be the right time for your business to pivot? Is there scope for innovation with your products or services or are there opportunities for investment to support long term growth?
Whilst upward and downward trends are a natural part of the economic cycle, staying ahead of the game is the key to continued success in your business. In every challenge there is an opportunity. Are you positioning your business to take advantage of the opportunities, or retreating from the arena allowing the competition to thrive? If you would like a free assessment of your current business position, book a discovery call with one of our experienced Customerit Growth Specialists here.
