Over the past year, economists have been predicting a recession in the U.S. Even if a recession doesn’t come to pass in 2023, high inflation and interest rate hikes have battered consumer finances. In June 2023, one survey reported that 42% of Americans rated the U.S. economy as “poor.” For businesses, public opinion about the state of the economy may be more important than that of experts, since it affects consumer behavior. But an economic downturn doesn’t mean you should pull back on marketing—instead, make some calculated adjustments. Here are some tips:
Keep customers’ realities in mind—A tough economy means different things for different customers. Think about your market segments and speak to their pain points. For example, millennials may want to purchase a home and need realistic homebuying advice for the current economic climate. On the other hand, spending on necessities looms large for moderate-income customers; now’s the time to promote credit or debit cards that offer cash back on gas or groceries.
Highlight the resources you offer—In an economic downturn, customers need guidance and education more than ever, so let them know about the resources you offer. If your bank or credit union has certified financial planners available to give expert advice, get the word out! Or remind customers of your newsletter, blog, webinars or other resources—you may find a more receptive audience now than when the economy is humming.
Capitalize on trust—In tough times, people seek safety; they want to do business with organizations they trust. We all know the adage that it’s easier to grow current customers than to find new ones, and cross-selling is an especially smart tactic when the economy is down. To attract new customers, Refer-A-Friend campaigns or customer testimonials can create trust by association.
Be mindful of tone—When customers are stressed or facing uncertainty, you can reassure them with marketing that sounds calm and supportive. Be matter of fact—don’t sugarcoat or ignore reality. And use humor carefully; with a worried audience, it may fall flat.
Want more ideas on marketing in tough economic times? image.works can help! Contact us today to discuss solutions and strategies.
Sources:
www.statista.com/statistics/1318216/americans-views-current-state-economy
thefinancialbrand.com/news/bank-marketing/how-inflation-recession-talk-are-changing-bank-marketing-strategies-150815
www.bankdirector.com/issues/retail/how-to-attract-consumers-in-the-face-of-a-recession