In case you missed it, there’s a lot going on in the U.S. economy these days. Inflation is running rampant, gas prices are soaring to never before seen heights, and interest rates recently received the biggest hike in almost three decades. As a result, economists everywhere are throwing out the term “recession” on a very consistent basis.
The National Bureau of Economic Research defines a recession as “a significant decline in economic activity that is spread across the economy and that lasts more than a few months.” While recessions are a standard part of doing business in the U.S., they typically cause tremors throughout the economy under the best circumstances. Now, with many individuals and businesses still struggling to bounce back from a two-year pandemic, the idea of a pending downward financial stretch can feel particularly daunting to both business owners and employees alike. Recent statistics show that a whopping 81% of adults are worried about a recession hitting at some point this year.
Businesses Can Actually Thrive During a Downward Economy
The mere mention of a recession can prompt business owners into reactionary and panic-induced cost cutting—but it doesn’t have to. Many savvy business owners have managed to find opportunity in a disruptive economy to not only survive but actually thrive. We should know; Orange Pegs’ digital marketing solutions are uniquely designed to help businesses across multiple industries optimize growth in any market climate, including a global pandemic. Our team of digital growth marketers have spent the last two years helping our partners find new ways to grow their operations in rapidly changing economic conditions.
Growth Marketing & Inbound Strategies to Help Grow Your Business
If you’re worried about what a potential recession can do to your bottom line, now is the time to act. At Orange Pegs, we know it’s not just cutting discretionary spending and waiting out the financial storm until economists give the “all clear” again. We also understand that it’s not about operating in an industry that can remain unaffected by a recession; it's about taking the necessary steps to recession-proof your business, no matter the industry. While it may feel counterintuitive, a recession can prove the best time to invest in your business—as long as those investments are strategic and intentional.
Here are six growth marketing strategies every business can (and should) leverage to help protect and recession-proof their business:
1 - Reevaluate Your Content Game
Many businesses put a halt on creating new content during a downward economy, assuming it’s better to sit tight and save their content budget for better days. Great. Let your competitors remain silent while you capitalize on the opportunity to continue delivering relevant, engaging content that resonates with consumers—both yours and theirs.
2 - Automate and Outsource
Also, now is the time to automate and outsource your growth components. Automating manual processes can streamline your operations, increase efficiencies, and drive cost savings throughout your organization, helping you optimize working capital during a downward market. You can compound those savings by outsourcing your content creation to further your brand reach and drive organic traffic to your website.
3 - Update Your Search Engine Optimization Strategy
A shifting market has a direct impact on how consumers search and shop online. Updating your current SEO strategy is a straightforward, affordable way to ensure the content you do publish gets found by the right searchers. Pro Tip: After you’ve updated your SEO strategy, go through your company’s existing content to optimize with your new insight for a fast, cost-effective way to generate new content.
4 - Build Your Email List(s)
Email campaigns can play a critical role in helping you sustain your business during a recession. Now is the perfect time to retarget old leads, connect with former prospects, and re-engage with previous clients. Don’t create an email campaign unless you have something important to say, share or offer, such as a promotional discount, referral bonus, or digital asset. Develop an automated workflow that reflects a subscriber’s contact information, behavior or preferences to personalize and optimize every engagement.
5 - Invest in Data-Driven Analytics
Leveraging the power of data gathering and tracking programs can make a significant impact on your business's resilience during a recession. Investing in data-driven analytics offers insights into what has worked for your business in the past as well as shines a light on buying trends and patterns you may be able to capitalize on now. Additionally, learning about changes within your target demographic is essential to keep up with shifts in their behavior and preferences.
In other words, a successful growth marketing strategy comes from thoughtful growth marketing insights.
6 - Don’t Neglect the Customers You Already Have
Many businesses, pressured by a dwindling economy, put so much focus on finding new customers that they completely forget to cater to their existing client base. It can prove a costly mistake. According to Hubspot:
- It’s 6 to 7 times more expensive to acquire a new customer than it is to retain an existing one
- A 5% increase in customer retention can increase company revenue by 25-95%
- Current customers spend more often and spend more overall compared to newer customers
Retained customers are also more likely to sing your company’s praises to friends, family, and on social media—free advertising for finding new customers. Developing growth marketing offerings such as loyal customer rewards, free offerings, and other digital resources designed specifically for your current customers.
An end-to-end growth marketing strategy doesn't stop when the deal is inked. In addition to retention, you could be expanding your existing relationships.
Orange Pegs Helps Companies Find Opportunities in Marketplace Disruption
Orange Pegs recently helped an online trading company tap into the power of their existing clientele to adapt to an unexpected marketplace pivot. After identifying a lack of market demand for crypto ahead of a planned cryptocurrency platform launch, they chose to shift all of their efforts into their live webinar events. Rather than accept the market shift as a loss, they used their budget, content momentum, and marketing team to deliver an event that will help their customers continue to thrive and grow in a volatile investment environment.
The budget for this particular client went from 30% crypto, 30% new app, 30% event focused to roughly 80% of the budget being event focused and 20% for social media and email marketing efforts. Our partners took what may have been a potential loss and turned themselves into a massive educational resource for their existing clients. The company’s first event brought over 450 people into the conversation, and they are currently on track to double that attendance at their next event.
Discover Growth Marketing
Want to learn more about leveraging our proven growth marketing strategies to help recession-proof your business? Click here to learn more about our proprietary end-to-end Growth Marketing Strategy playbook.