According to a poll last month by CivicScience, one-third of Americans believe the economy is in recession already. The biggest worry about this recession scenario lies with small business owners across the globe. They are concerned about the rising inflation and unemployment, especially during these pandemic times (that isn't over yet). As a small business owner, it can be nerve-wracking to manage all the duties your business impose on you - managing your workforce, managing finances, building your business, and running the daily show.
As I mentioned last year, during the initial days of the pandemic, small and medium business owners must also utilize this time to build their brand while traversing through the tough times. It will not be a bad idea to focus on marketing and brand building now, as these efforts will bring results once things become normal. Also, the efforts put in now will keep your business fresh in the minds of your customers and prospects in the long run.
I know what you may be thinking right now - How in the world can I invest in Marketing at tough times like these?. All I want from you is the desire to invest time into building your brand; with no financial resources whatsoever. Believe me.
In this post, I am introducing you to 5 recession-proof marketing strategies for your small and medium businesses. Let's go:
1. Content Marketing
The first strategy you must adopt now is a good content marketing one. Utilize your time to produce quality content for your business. Ensure you are utilizing your content to tell your's and your brand's story well. I am sure your customers and audience would love to hear your story from you. Utilize any format or medium to share your unique perspective and take on things. These can be pictures, videos, written content, or any format of your comfort.
P.S: Don't worry about spending on content tools as of now. I have got you covered here.
Quick Tips for Creating Good Content
Always believe you are the best person to tell your story
Do not worry about what others might think about the content
Do not sweat about the look and feel, instead focus on your message
Do not stay away from showing vulnerability
Always be authentic
Show behind-the-scenes action and include your team members as well
Do not shy away from sharing it with your community and asking them to share ahead
2. Search Engine Optimization
Recession or no recession, people will use search engines to find answers, businesses, products, people, etc. As per the latest statistics, more than 3.7 billion searches are performed on Google every day. Mind-boggling, isn't it? For me, yes, and also very exciting.
Imagine you are a steakhouse owner in Texas - here is an interesting stat for you. There were 3120 searches for "steakhouse" on Google on the 6th and 7th July 2022 (See image below from Google Trends). The question is whether the searchers were able to find your steakhouse during those searches.
Are you getting what I am getting at? Maybe, the times are tough or you are doing ok there is never a bad time to invest time into Search Engine Optimization (SEO). Utilize times like these to work on your website, identify the right keywords your audience is using to solve their challenges, or find your business and leverage them. Make sure your business profile on Google is perfect with the correct information, images, and more. Ensure your business website is optimized with the right keywords and information.
Note: If all this is becoming too much for you, here is something I had prepared for SMB owners like you on SEO.
3. Social Media Marketing
As a business owner, you might be already using social media for your brand building. But I want you to pay more attention to it now. Utilize social media to find customers, connect with them, and build relationships. For example, if you are a B2B SMB owner, LinkedIn can be the perfect platform for you to spend some time on.
Additionally, social media can be the ideal outlet for all the content you will be preparing. Share your content diligently on social media platforms and engage with people. You can utilize social media to build your brand (more on that below) and also a community. Identify the right Twitter chats, LinkedIn and Facebook Groups, join them, share helpful content with the community, and engage.
4. Community Building
As I had reiterated in the past two years, a loyal and engaged community has proved to be the best asset for every small and medium business during this pandemic. As a business owner, you MUST invest time into building your community if you are not doing it currently. Make it easier for customers and prospects to join your community. Be it a newsletter list, a closed group, or a membership, do whatever it takes to build your business's community.
Few Tips to Keep in Mind
When it comes to a community, it is NEVER about you. It is ALWAYS about the members
ALWAYS believe in providing as much value as possible to your community - Be it in the form of amazing offers, free content, your time, etc.
INVEST time in growing and nurturing your community
ALWAYS listen to your community and ask for their feedback
Make your community members part of your STORY
5. Personal Branding
The last and one of the most critical strategies you need to adopt now is building a personal brand. There is no shortage of examples of SMB owners growing their business based on their personal brand. As a business owner, I highly recommend you put in the time to build your personal brand authentically. Authenticity is of paramount importance while building your personal brand.
Make sure you create content that can be part of your personal branding journey. Do not shy away from sharing your wins and losses with your audience. A personal brand built the right way will bring you amazing results in the long run.
Wondering how to start your personal branding journey? Refer to this article to understand in detail.
Times may be tough, but you hang in there. As a small and medium business owner, you are already a winner. You provide jobs to individuals and serve your community well. Be proud of that, if nothing else. Utilize times like these and adopt these five recession-free marketing strategies for your business. Always remember I will be on the sidelines cheering you on, always.
If you need support, you can find me at https://www.thethriftymarketer.com/