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S t r a t e g i c   C o m m u n i c a t i o n s  &  D e s i g n   b y  S c o t t  P e t r i e

6 tips for marketing in a recession:

1. Make your products and services ROI focused. Customers are more focused on return on their investment. They want the best for less. Which means not only the cheapest but the best value balanced with convenience.

2. Don’t rely on brand loyalty to secure returning customers. Customer satisfaction will still go a long way to having them return, but not as far as it used to. When spending power is reduced previous customers will want to verify that what you have to offer is still the best value. Brand loyalty, over other factors, is far more apt to bring customers back when resources are abundant, than when things are slow.

3. Make sure you have an edge on the competition. Customers are going to find out as much as they can about you and your competitors products and services before buying in a slow market.

4. Coupons, discounts, and special pricing means far more than it has before. Especially for consumers who have used your product or service in the past. Offering them a discount to remain your customer speaks directly to their viewpoint in an economic downturn.

5. Give them some incentive to buy now rather than later. Putting off purchases that consumers may have previously made without a second thought becomes more common in a recession.

6. Be aware of sticker shock. Bulk discounts which may have been a favorable selling strategy before, are not as attractive now. With limited near-term resources, consumers are more apt to look at the “sticker price” versus the overall cost “per unit”.