As the world grapples with economic uncertainty and fears of a recession, it’s important for businesses to be proactive and take measures to protect themselves. That’s why it’s encouraging to see that enterprise companies are not slowing down, but rather accelerating in their efforts to innovate and stay ahead of the curve.
According to the 2023 State of the ESP RFP, 17% of companies are planning RFPs this year. While that may not sound like a large number, it’s significant when scaled to industries. This suggests that companies are not pulling back, but are instead looking for new and innovative ways to insulate themselves from economic downturns.
To help businesses weather the storm, we’ve compiled three recession-defeating marketing strategies that can improve your business, whether the economy goes sour or not.
Rethink your RFP process
Before you consider replacing or adding technology, take a close look at your current functionality. It’s estimated that marketers only use 20-30% of what a tech platform offers, so there may be untapped potential in your current system that you’re not taking advantage of. Before beginning the time-consuming and potentially disruptive process of finding something new, make sure you’re using everything your platform has to offer.
Develop a plan to shift your marketing priorities
If your email program became your company’s hero during the pandemic, it’s even more likely that your CEO will seek your input now. But simply sending more offers won’t necessarily move the revenue needle if your customers don’t have the money to buy more often or to fill larger carts. Look at your targeting, segmentation program, and price structure on promotions. Identify segments that can be more lucrative to target and consider developing a next-logical-purchase plan that moves beyond cross-selling or upselling.
Educate yourself and reach out to your community
Stay informed about what’s happening in your market and the broader economy beyond your vertical. Spend time reading up on everything that’s happening in email, social media, and mobile marketing, as well as changes in consumer behavior, privacy legislation, and customer expectations. Join email communities for advice and ideas, and be prepared to report to your CEO on what’s happening in your market conditions.
Embrace innovation and agility
In today’s fast-paced business world, innovation and agility are essential for staying ahead of the competition and adapting to changing market conditions. As the economy faces uncertainty, businesses that are innovative and agile will be better equipped to pivot and thrive.
So, how can you put these recession-defeating marketing strategies into action in the world of advertising and marketing?
Rethink your RFP process: In advertising, the RFP process is a critical step in selecting the right agency or vendor for your campaign. Before jumping into the RFP process, take a step back and evaluate your current advertising strategies. Are you using all of the tools and technologies available to you? Are there untapped opportunities to better target your audience or optimize your campaign? By taking a closer look at your current advertising strategies, you can identify areas for improvement and determine if you truly need to go through the RFP process.
Develop a plan to shift your marketing priorities: As a marketer, it’s important to be agile and adapt to changing market conditions. If your current marketing strategies aren’t yielding the desired results, it may be time to shift your priorities. Consider new channels or strategies to reach your target audience. For example, with more people spending time at home, digital advertising and social media may be more effective than traditional media. By developing a plan to shift your marketing priorities, you can stay ahead of the curve and continue to drive growth and profitability.
Embrace innovation and agility: In the world of advertising and marketing, innovation and agility are essential for success. Consider testing new ad formats, experimenting with different targeting strategies, or trying out emerging technologies like augmented reality or virtual reality. By embracing innovation and agility, you can differentiate your brand and stay ahead of the competition. Additionally, be prepared to pivot quickly if market conditions change. Monitor your metrics closely and be ready to adjust your strategy if necessary.
The economic uncertainty that businesses face today requires proactive measures to protect themselves. However, it is encouraging to see that many enterprise companies are accelerating their efforts to innovate and stay ahead of the curve. By adopting recession-defeating marketing strategies, businesses can improve their chances of weathering the storm, whether the economy goes sour or not.
By rethinking the RFP process and evaluating current advertising strategies, businesses can identify areas for improvement and determine if they truly need to go through the RFP process. Shifting marketing priorities and embracing innovation and agility are also key strategies that can help businesses stay ahead of the curve and adapt to changing market conditions. Additionally, staying informed about what’s happening in the market and reaching out to communities for advice and ideas can also help businesses prepare for the future.
The world of marketing and advertising is constantly evolving, and businesses that are proactive and innovative will be better equipped to thrive, even in uncertain economic times. By embracing these recession-defeating marketing strategies, businesses can position themselves for success and stay ahead of the competition.
