A little, non-visible tiny virus put us in a very dangerous situation. It creates a recession period in the world. There are countless businesses that are already shut and are about to shut their services. The Government is imposing lockdown as per requirement. It becomes a new normal to have a face on the mask and other changes.
On the other side, it creates a huge problem with employment because of the business closes and restrictions, consumers will feel poorer than before. Underemployment decreases the buying power of consumers.
1. Do some research about your customer
Many businesses are cutting their marketing budget to cut off extra money. But this is half true! Companies and businesses have to find out the changes that happened due to this epidemic. Customer’s redefining values and responding will play a vital role in any business.
e.g. during the COVID-19 pandemic, majorities of people focus on their health. Customers are looking for nutritious food to increases their immune system. Many travel lovers abort their journey and making their life at home easier. By knowing the customer behaviour can create an opportunity for your business.
2. Great time to live with family
Lockdown becomes boon from the other prospect of life. Many people spend a lockdown period with their family members and many spending lockdowns alone or far away from their relatives. But there are numerous brave peoples like medical frontlines and police lost their lives due to COVID-19. All of this kind of incident explain to us the importance of family in our life.
3. Don’t cut off marketing budget
Normal mentality during the recession period is to cut out the marketing budget. But this can lead to losing your business. Majorities of your competitor also think to cut their expenditure on marketing. This can create a big opportunity for you and your business. Cutting the marketing budget will create less visible to your competitor’s market. This opportunity can lead you to other markets. So maintain marketing spending during a recession can grow your business.
4. Concentrate on your existing customers
If you think that selling is the only asset than it is wrong, creating a satisfaction of the existing customer is the biggest asset during the recession.
Try to focus your marketing energy to keep your customer satisfied, happy, and engaged. Maintain your brand to keep them happy and satisfied by your service and product can lead your business to a new top. As customers, they promote your product by recommending to their dear ones.
5. Adjust your product price
Recession creates a high price of products and services. As a customer, they will be shopping for the best prices. It doesn’t mean to minimise your prices but you can offer a big discount on quantity. There is numerous way like sweepstakes, main-in offers to promotes your items with decreased price help you to boost your selling.
All in all, the recession period falling the selling percentage of many products. There are many ways to maintain or to take advantage of this pandemic by upping the marketing budget. These tips will help you to increase sales and market sales.