Winning in a Recession

What is 2023 going to look like?

2022 has been quite the year, from the death of Britain's longest-serving monarch to the resignation of the shortest-serving prime minister. Like many of us, I feel some trepidations heading into 2023, a financial recession on the horizon (here!), unnerving global politics, and a climate crisis which is ever present.

In times like this, especially when budget setting, many will be thinking - how do we prepare for the unknown?

As we're helping clients look forward to 2023, here are our top recommendations for navigating 2023, and the marketing approach we believe will make the biggest impact. 

1) Recessions are worrying, but marketing in a recession is some of the most impactful

Cutting costs will likely lead to a reduction in brand awareness and leaves room for your competitors to fill the void and take the lead in the market. Because all businesses are looking to reduce costs, your marketing has a great chance and getting more cut through as consumers' bombardment of messaging reduces. 

But, it's not enough to just keep marketing, you must reassess your strategy, and understand that consumers' habits have changed. 

2) Be tasteful, read the audience

It's not enough to just keep spending, it's important to understand and have a brand that empathises with what your customers are going through. Whether you are a B2B or a B2C business every pound that's being spent will count, so be tasteful with offers and how you speak to your audience. 

3) Make sure your clients know how much they mean to you.

Loyalty will win out, customers will keep supporting a brand they feel invested in, and feel they know. The leaders of the business need to be fully connected with the audience. Content creation can be a brilliant way for CEOs and founders to connect with their audience.

Doing an offer to attract new customers? Don't forget those who have supported you during this hard time - they're equally, if not more important to nurture. 

4) Does your offering or your clients need to pivot?

If your clientele finds you expensive, now might be the time to pivot your offering. Can you edit the product or the service, or change the purchase model?

Do you need to find new audiences? In some cases, particularly in a recession, in targeting some of your more niche audience segments you may find audiences who have not been as impacted by the economic downturn as your primary target audience.

Looking at the world this way may drive some of the best innovation your cpmpany has seen in years 

5) Outsource your marketing

Outsourcing your marketing is a great way to keep innovation high during a recession, without the commitment of a full agency, or a permanent head. Working with people like us at Marketing With Passion means you can get senior-level marketing experience and approaches, without the commitment of a full-time salary.

6) Take another look at your marketing strategy.

In 2023 your marketing needs to work harder for you than it did before. Your activity needs to resonate when it matters and drive brand affinity that weathers economic downfalls. Just because something has traditionally worked, doesn't mean it will in a recession. It might not be time to start with a blank page, but it is certainly time to go back to basics and understand your SWOTs and PESTLEs.

If you're interested in learning more about how to help your business weather the recession, get in touch at hello@marketingwithpassion.co.uk