Written by the The Melotti Media Team, checked by Christopher Melotti
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With the constantly shifting landscape of economics in Australia and all over the world, businesses are reminded of their vulnerability to market fluctuations.
Trust us – as an SME business, we get it. We always keep a close eye on the news for these updates too!
All businesses know that these updates about recession, inflation, interest rates and downturns aren’t just mere buzzwords on news headlines.
The way we see it, they are strong reminders for businesses to be proactive – regardless of what the economy looks like.
So, our team put together some proactive marketing tactics for these very scenarios.
To help your business thrive during challenging times, here’s a guide to unlocking business potential during economic shifts with marketing strategies that empower your business to rise above inflation changes.
How economic shifts affect businesses
As we all know, Australian economic shifts come in different forms, ranging from inflation and recession to rapid growth.
These fluctuations happen in cycles and when they do, it’s important for businesses to identify them and react accordingly.
Every movement in the economy is a wake-up call for businesses to shift their focus inward and assess business strategies and operations.
So, if you’re here after hearing news about shifting inflation, rising interest rates or threats of recession, we’re on the same page – we know this is a good (if not the best) time to take action.
If you’ve seen an update about changing economic trends on the news, chances are that your customers have seen it too.
This means a change in consumer behaviour, as well as their spending habits and priorities.
For example, when inflation goes up, consumer confidence goes down and they will opt to only purchase the essentials and refrain from buying items they don’t deem necessary. On the other hand, easing inflation encourages people to buy more and stock up on goods.
Every change in the state of the economy influences the decision-making of customers, which means it should also influence the way you connect with them.
How can your business thrive during economic shifts?
A change in the economy can be seen as an opportune time to highlight the value your business offers.
As the trends shift and your (potential) customers’ behaviours change, it becomes more important to look inward and assess how you can be more proactive in addressing these.
Here are some business and marketing strategies that will help your business rise above inflation changes:
8 marketing strategies to consider during economic shifts
1. Take the time to review your products, services and pricing.
In cases of inflation changes, the prices are the first thing that customers look at; which means businesses could benefit from doing the same thing.
Think about how you can make your products and services more appealing, price-wise.
- Do you have bundled packages that can be unbundled to be more affordable?
- Can you create packages that will be more value-adding to your customers?
- Will a one-off service offering be more appealing than a retainer contract?
All of these can be answered through your full understanding of your customers, their pain points and preferences. From there, it’s all about pricing strategy and communicating with your customers effectively.
Pro-tip: Focus on communicating the value your products provide rather than emphasising the price.
2. Collect data-driven consumer insights.
The next thing you can do is to check what you know and what you don’t know about your customers – especially since their decisions and preferences are largely driven by economic changes.
You can utilise data analytics to understand changes in behaviour or, better yet, ask your customers themselves!
Make the data gathering a part of your content marketing and conduct online surveys. Not only does this allow you to understand your customers, but it also shows them that you value how they feel.
3. Don’t forget to be empathetic – create genuine connections.
This then brings us to our next point: empathy and genuine connections.
If these economic shifts bring uncertainty to businesses, imagine what it does to your customers!
To show your audiences that you’re dependable regardless of the state of the economy, you can forge empathetic connections through authentic storytelling that acknowledges their concerns.
You can do this by sharing key news updates (so they know you’re on the same page) and highlighting how you can help them during this time.
Pro-tip: Imagine running a campaign that says, "we know things are tough right now. That's why we've.... It's just another reason to choose us."
4. Share thought leadership content.
Remain top of mind – even if and especially because the market is shrinking during this time, and you want to stay at the forefront.
Customers will be more cautious with spending and more meticulous when choosing between their options. So, when you have thought leadership content that demonstrates your credibility and industry expertise, it will be easier for customers to choose your brand.
5. Don’t be afraid to shake things up - try experiential marketing!
Transform your marketing game with fresh and creative ideas that will put you on your customers’ radar. This will help across the marketing funnel and appeal to customers, wherever they may be in the customer journey.
You can launch seasonal campaigns, pop-up shops, product demos and interactive installations – anything that will appeal to audiences and help you connect with customers on a deeper level.
Pro-tip: Don't be afraid to think outside of the box when it comes to marketing during challenging times.
6. Boost your omnichannel presence.
Our sixth marketing strategy from this list is one that never gets old: be everywhere through omnichannel marketing.
Because, well, what’s the harm in being even more accessible?
Your customers are everywhere today, browsing through different channels when there are major economic updates. Your brand needs to be there too.
So, be proactive across all platforms and channels: be active on social media, optimise your website and be active in networking circles – the goal is to just keep your business on everyone’s radar.
7. Amplify your personalised marketing.
This strategy can be used in conjunction with the previous one: be everywhere but keep it personal. Today’s audiences are tired of generic content – they want to feel that you know exactly what they are going through.
Tailor your marketing efforts to specific economic conditions and showcase your adaptability by addressing local demands and preferences. You can also send personalised emails to reconnect with previous clients or just give your close network relevant updates about news they need to know about.
8. Lastly, don’t forget that these changes affect your team too.
During uncertain times, your team will protect your business and be your first line of defence.
But for them to be able to do this, you need to equip them with the right tools and resources. You can invest in training and upskilling your team, so they can (1) help the business more and (2) be protected from redundancy.
And never underestimate the power of internal communication.
By being transparent and letting your team know how the economic or inflation changes are affecting the business, you can rely more on each other as you push the business to thrive during uncertain times.
Do you have marketing strategies for challenging times?
The essence of these marketing strategies lies in their proactive nature.
Whatever the economy looks like, the goal is to stay on your customers’ radar and be able to influence their purchasing behaviour, wherever they may be in the customer journey.
Rise above inflation changes with proactive marketing
Economic shifts serve as powerful reminders that adaptation and innovation are NOT nice-to-haves. They are prerequisites for a resilient business.
Remember, thriving amidst economic fluctuations is not just about weathering the storm, it’s about harnessing it to your advantage and remaining top of mind while others struggle to keep up.
How can we help your business achieve success amidst economic shifts?
Trust us, we know what it’s like. That’s why we can help you.
At Melotti Media, we understand that you want to get cut through in a competitive market and achieve business success, even and especially when economic shifts affect your business and your customers.
However, you may find that you’re time-poor and spread thin or you still have a lot of unanswered questions.
You don’t need to worry.
At Melotti Media, we can assist with recession marketing strategies while you focus on what matters most to you – growing your business.
Let’s start earning the results your business deserves!
To speak to your trusted Message Marketers and Sydney copywriters, email us at enquire@melottimedia.com.au or phone 1800 663 342.
We can sharpen your words to achieve your goals today!
The Melotti Media Team
Melotti Media | Copywriting & Message Marketing Bureau
www.melottimedia.com.au
