How to nurture your brand growth during a recession
We all know that recessions can be tough, but did you know that with the right strategies, your brand can not only survive but thrive during these challenging times?
Let’s dive into practical and effective ways to nurture your brand growth, even when the economy isn’t on your side.
First of all, let’s address the impact of a recession on your business to help us overcome any fear around it. During a recession, economic shifts can make consumer behaviour unpredictable. Some people tighten their belts, and spending patterns change, often focusing more on essential purchases.
BUT the good news is that you’re not powerless in this change and knowing how our customers are thinking and feeling will help position you to keep moving forward. Nurturing your brand perception becomes even more crucial, as clients look for reliability and trustworthiness in uncertain times.
Get clear on your brand values
Use this time to really understand what sets you apart from your competitors and the values you want to build your business around. When you’re fired up about your brand mission, customers feel that energy and passion you have and it gets them wanting to know more too. Bring those values through into your marketing and messaging.
Prepare to pivot
This is the perfect time to adapt and innovate. How can you tweak your products or services to better meet the current needs of your clients? Maybe it’s a new product or offering a service in a more flexible way. Find out what your clients biggest pain points are around the recession and in what ways could your business can help bring a solution to that challenge? How can your service or product be essential to them during this time? Innovation doesn’t have to mean a complete overhaul; even small changes can make a big difference.
Nurture current customers
Imagine catching up with an old friend over coffee. Engage with your clients regularly. Use social media (especially stories!), email newsletters, and personal check-ins to keep the lines of communication open. Excellent client support can turn a one-time buyer into a loyal fan. It’s also a lot easier to sell to a warm lead who has had previous positive experience with you so find ways you can continue to add value to their lives. Remember, people remember how you make them feel, especially in tough times.
Optimise your current marketing
Review your marketing efforts and get analytical about what is working or not working. Look at the data and your top performing posts or emails. Focus on cost-effective strategies like content marketing, social media, and email campaigns. A strong digital presence can keep your brand top of mind without breaking the bank. This is not the time to go silent on socials so prioritise showing up and sharing valuable content that resonates with your audience and addresses their current concerns.
Let’s take a look at a few brands that have successfully navigated past recessions.
During the 2008 recession, Starbucks focused on customer experience and introduced new products like the Pike Place Roast. They maintained their commitment to quality and community, which paid off in customer loyalty. Another great example is Lego, which, despite financial difficulties, invested in innovation and expanded its product lines, eventually seeing significant growth.
Remember, every challenge is an opportunity in disguise.