When a recession happens, you may find yourself struggling to keep things together regarding your business. If you invest in digital marketing, it can be one of your investments that will be significantly affected by the downturn. Situations like this can be overwhelming for many business owners. You may find yourself cutting costs and reducing expenses on your marketing campaigns, resulting in a decreasing bottom line.
In this blog, we will give you reasons to continue your marketing efforts and the best marketing strategies to try during a recession. We will also cover five recession-proof strategies that can help your construction business thrive even in the midst of any economic trouble.
Should You Continue Your Marketing Efforts During a Recession?
In 2022, just last year, the U.S. is fortunate not to be in a recession. However, the possibility of a recession is on the rise this 2023. Experts have predicted that there is currently a 30 percent chance of recession, and the percentage has doubled over three months.
You may start wondering whether you will continue your operations and marketing campaigns. You might be surprised if we tell you that marketing during a recession can actually be led to business growth. When you continue to market your construction services/products, you keep your brand as the front runner in your prospect’s mind.
In addition, investing in marketing campaigns during a recession will help you outshine your nearest competitors. When other businesses cut their marketing budget, your unique brand can step in and fill the missing gaps, enabling your marketing approach and message to attract more leads and earn conversions.
Top Marketing Strategies to Implement During a Recession
Spending your marketing budget wisely is vital, especially during a downturn. But where to spend your budget anyway? What construction marketing solutions can help you empower your business growth?
Here are the three best marketing tactics you must take advantage of during a recession:
1. SEO
Know that SEO is a fundamental part of your digital marketing and online search is the primary source of information about anything. In fact, 90% of all online experience starts with a search engine every single time. Investing in an SEO strategy will help you implement optimization across your construction website, helping you to gain more leads and increase your rankings in SERPs (Search Engine Results Page).
Another reason why SEO is beneficial is it helps you understand more what your website users want. As a result, it gives you insights into what they are searching for online and what they are looking for in a construction service.
Search engine optimization is an ongoing marketing tactic that will yield long-term results, driving more leads for your company.
2. Content Marketing
In case you do not know anything about content marketing, it is the process of crafting customized content that your target audience finds informative and helpful. The content may range from blog posts to entertaining videos.
Having content on your website is a great way to provide more details about your services. In fact, the content you will produce online encourages your target audience to trust you more and eventually convert. In addition, producing content helps you establish your construction brand as an authority expert in your field.
Both SEO and content come with no additional costs compared to other digital marketing services like PPC advertising. So, what you need is time and effort to start all of this. But if you have difficulty balancing your priorities, you may ask for professional help. The right agency will do things on your behalf for your marketing campaigns, and their work yields great results – leading to your marketing success over time.
3. Social Media Marketing
There is a whole bunch of people you can reach through social media. The best thing about social media is that you can create your business profile for free. Go check out the most commonly used social media channels – Facebook, Instagram, Twitter, LinkedIn, TikTok, and more.
People online prefer to use social media platforms to interact with many brands. So, make sure you make your way through social media by developing a strategy now. Never estimate the power social media can give you. You can reach out to many people from different locations, strengthen your online presence, and help market your services more effectively.
Recession-Proof Marketing Tactics to Increase Revenue
Here are the best strategies that can help your business thrive more, even during times of economic downturn.
1. Focus on customer loyalty
Retaining your existing clients is much less costly than attracting new ones. That is why when you do online marketing during economic trouble, one of the things you should take advantage of is building your brand loyalty.
You can start by establishing a customer loyalty program to keep your existing clients engaged with you and continue availing of your services. Your customer loyalty program may include exclusive discounts for your existing client. The program will also allow you to recommend other services to your clients via email based on their previous purchases.
2. Track your ROI
Tracking your ROI from your marketing campaigns is crucial, especially in times of economic trouble. So, it is important to ensure that your marketing budget is aiming toward the right campaigns that can drive the most revenue for your construction company.
By analyzing your Return on Investment, you can see what online marketing channels drive the most conversions and lead for your company. After determining which of these channels works best for you, you can start optimizing your marketing strategies for those channels. This method will help drive even better results as you progress with your marketing goals.
3. Partner with a trusted construction marketing company
Determining what marketing strategies to invest in that can help you earn the highest ROI can be tricky. This is usually the scenario, especially if you need more skills, time, and marketing tools to do all of it.
That is why partnering with a marketing agency is a huge help and a relief. The agency can help your business remain relevant and competitive by funneling your budget to the right marketing channels.
Numerous construction marketing agencies are in the market today, but only a few can be trusted. Finding the right agency partner you can rely on and who understands your pain points and marketing goals is just a matter of finding the right agency partner.
4. Improve your conversion rates using emails
One way to improve your conversion rates despite the recession is to ensure you send automatic emails to your clients. By promoting your content (the marketing strategy we suggested above), you can ensure you reach every single one of your customers and target prospects.
Another marketing strategy we suggest is email marketing. One of the many benefits of email marketing is that any of your content can be highly personalized to your client’s needs. Emails can have different variations, including images, subject lines and more, that promote higher engagement.
To have a successful email marketing campaign, the most important thing you should do is send the right emails to the right people at the right time.
5. Invest in data-driven insights
To grow your construction business during any economic climate, you need reliable Insights and reports about your company and industry. During the recession, this is particularly important. That is why only smart business owners use data-driven guidance because they know it helps them stay ahead of the competition.
Start with your customers. Any data or information about them is vital, especially with their day-to-day online interactions with your brand. This is because consumer preferences consistently change during an economic downfall. Your targeting and marketing approach that worked before may not be effective today.
As a business leader, ensure you have access to current, thorough marketing performance insights and analytics on your campaigns. This will help you chart the best path forward for your brand.
Do not Quit Even During a Recession
Without a marketing campaign, your construction business will surely miss out on many potential leads and sales because your target audience cannot discover your amazing brand. That is why you should never quit, even during an economic downfall. You must endure and thrive for your business to survive and grow long-term.
Now, if you are still determining which marketing campaigns will drive you the best ROI, our agency can help you.
ConstructionMarketing.io is a full-service agency that offers a range of construction marketing services that help you reach your marketing goals – widening your reach, gaining new leads, increasing your ROI, and more. The marketing solutions we offer to our clients are top-tier and cater to their exact marketing needs.
We take digital marketing to heart and aim to be the last agency our clients will ever work with.
Contact us today, and let’s start working together, despite the recession!