What did Australia’s last big recession teach us about business?

I was lucky to be studying marketing a few years after Australia’s last big recession. As a result, we were able to see how companies fared and why.

Here’s what I learned:

1. People still spend

There may be fewer buyers in a recession and those buyers may spend less, but they are still ready to buy. Therefore, don’t hide your business. Promote it! That will make you easier to find than your competitors who have reduced or eliminated their marketing budgets.

2. Focus on value (NOT discounts) and keep your message consistent

When it’s tough to make a sale, our natural instinct is to discount. But in the medium to long term, this can damage your brand.

In reality, you may need to reduce your prices but don’t make it your main marketing message. Instead, emphasise what you’ve always been known for e.g. your expertise, value for money, quality – whatever.

3. Be smart about how you use your marketing budget

If  you haven’t done so before, now is the time to learn how to analyse your ROI for your marketing spend.

Social media can be a low cost and highly effective way to promote your business if it’s done well, consistently and strategically. But it’s not the only way to promote your business.

Invest in external help to gain a fresh perspective from experts who can help you develop a well-considered marketing plan. If you don’t know where to turn, get in touch with me. I can recommend a few marketing experts that I trust with my own business.

4. Get your message right

Whether it’s your website, blogs or other marketing materials, you need to make sure your message is:

  • Consistent
  • Interesting
  • Taps into the needs of your ideal customers

FYI, your ideal customers are the ones you enjoy working with and would like more of.

Remember, there are buyers looking for a supplier they can trust. So be wise about your marketing spend to help them find you. It could mean the difference between your business surviving (and possibly thriving) or dying during a recession.

Looking for words that sell?

Mention this article for a free brainstorming session with me so you can get your marketing messages on the right track. Or contact me to investigate if I can help your business. At Consider It Done Australia, we write words that sell to help small business grow. Get in touch here.

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