During an economic crisis, many businesses find themselves wondering how they’ll come out of this and successfully rebuild their profits. It can seem like an insurmountable hurdle for many, but it’s possible to persevere. So how, exactly, can you re-evaluate what you’ve been doing in order to adjust to a rapidly changing economy? Here we share a few basic tips on how to promote your small business during a recession. While this is only a jumping-off point, we hope it can help you start thinking about your future.
Continue to Market
Even in the hardest times, it’s essential for small businesses to continue to market. Continuing to build awareness for your company is what’s going to continue to pull in new customers. We recommend that you find room in your budget to continue to market. Facebook advertising and email marketing can be more affordable options in trying times, but you can also use SEO and PPC to your advantage, as many other companies may halt their campaigns during a recession.
Network with Other Businesses
It’s important for small businesses to support each other, and they can achieve this by networking and creating ways to help build each other up. Talk to businesses that can work in conjunction with your own, and collaborate to promote each other. A great way to increase your network and work on promoting your business is to attend networking events where you can interact with other business owners and learn more about each other’s companies.
Consider Different Revenue Streams
When trying to grow awareness for your company, you have to experiment with different revenue streams and evaluate which yields the best results. Different sources of income can include both digital and physical product offers, affiliate programs, advertising, and third-party licensing.
Interact with Customers
Customer interaction is going to be one of your strongest assets. When you build loyalty with customers, it’s you that will come to mind when they consider who they want to help during a recession. Be sure to consistently provide content that encourages your customers to interact with you. Ask questions such as how you can improve their experience, or share the occasional meme or video that will spark a conversation. Regular emails, social media posts, and a clear contact page on your website are all ways for you to regularly stay in contact with your audience.