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April 4, 2023
So, you’ve started an e-commerce business and now economists are predicting a recession. Great! Shopify and Peleton are laying off employees and the world appears to be hunkering down for an economic crisis in 2022. Now you’re wondering if you should be cutting back too. Here are five tips to marketing your fledgling e-commerce business through these uncertain times:
Tip 1: Keep Smart-keting
Your gut reaction to hearing of an upcoming recession will be wanting to park any funds earmarked for advertising. However, marketing is crucial to build keep your operation afloat when customers are becoming frugal. In addition, if your business is a fledgling start-up, you’ll need to use brand awareness tactics to make your prospects aware of your website, products and services. If you stop marketing, your sales will stop – so, now is the time to get ready with some smart marketing. Spend the time to prepare a detailed marketing plan document that becomes a living roadmap for where you want to take your company and how you’re going to get there.
Tip 2: Coddle your current customers
We all know it’s easier to keep an existing customer than to find a new one. Show your past customers some love and they’ll love you back! If you sell a packaged good, you can offer a ‘dollars off’ loyalty program or subscription incentive to your past customers to keep buying your product. Or better yet, you can offer a referral program to your existing customers. They can help you build your business by bringing their friends to you!
Tip 3: Make sure your customer service experience is amazing
Quality products and a quality customer experience are important to keep customers coming back for more. If you have to backorder on someone, give them a coupon for a future purchase. If you have to substitute an order, throw in a small gift. If a customer asks for a return or refund, make the experience seamless. And if a customer likes their experience with your product and company, ask them to give you a Google review – it’s the best free marketing on the planet!
Tip 4: Make your marketing initiatives count
You’ll still need to be on the hunt for new customers. During a recession, your marketing budget will have to work harder for you. Your messaging will have to make customers think they can’t live without your product or service. And you’ll want to use tactics that can be directly tracked to a conversion funnel and sale. It’s important to track your ROI to make sure you have chosen the most cost-efficient tactic that garners the most sales. Test, Track and adjust what isn’t working.
Tip 5: Be brave and trust your instincts (also deep breaths)!
Remember all of those entrepreneurs who thrived early on in the pandemic? They trusted their faith in their product or service and used some creative marketing. You can do it to! Your product is awesome and everyone will want it if they know about it. Think of this potential recession as a chance to test your business acumen and stay the course (of your marketing plan).
If you need help with writing your marketing plan, creating powerful messaging and implementing tactics, contact us! We’ll show you how to build your business through a recession. Contact us today!