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MICALA WILKINS

ALACIM SOCIAL MEDIA MARKETING

Marketing Your Business through a Cost of Living Crisis

Marketing is a series of activities a business does to stimulate the buying of a product or service. It's easy to react to an economic downturn and not market your business. However, retracting or stopping marketing or promoting your business allows competitors to outshine you. Purchasers still want to buy and need services, but they will be careful where and what they spend their money on. Businesses that continue to engage and connect recover much better from downturns than those that don't. There isn't an industry that has not been affected by the continuous rise in costs. These costs need to be factored into business models to remain profitable. Each business has challenges that need to be addressed over the coming weeks/months to survive. Rather than axe your marketing to save money, take a more strategic approach to fuel a flow of enquiries and sales. Purchasers will think long and hard about with whom and where they spend their money. How will you market your business and stand out? Marketing will need to match the mood of the moment. As well as drilling down on how you spend your budget, there are a few things to look at in closer detail: ▪ Your marketing needs to show existing and potential purchasers why they should spend their money with you. ▪ How can they trust you during these difficult times? What review assets do you have to showcase that you are better than your competitors? ▪ What value are you offering to existing and potential purchasers? ▪ While considering the suggestions above as you adjust your marketing plan, consider what is in your marketing arsenal. ▪ Are your printed ads relevant? Do they need to be refreshed to reflect who and what your business stands for during challenging times? ▪ Are your website and any other digital platforms updated? How are you using these spaces to share value and trust? ▪Keep social media fresh. Posting pretty pics is no longer enough. Why should potential purchasers be spending money with you? What is it that you are providing over and above self-promotion? ▪ Is the customer service side of your business meeting client needs? Are you offering payment options and loyalty programs? Marketing is the activity that helps you connect to existing and potential purchasers, whatever the economic climate. Therefore it is much better to be smarter with your marketing during a crisis than not doing anything at all.

Purchasers still want to buy and need services, but they will be careful where and what they spend their money on

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Sue Cook

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