Economic Downturn – Inflation – Recession STOP ALREADY!
It doesn’t matter if you listen to conversative or liberal commentary, the news just isn’t good. If you are a business owner, the economy is of concern regardless of the industry. There are some things that should be considered as we head into 4Q and finalize the budget for 2023.
What are the Hot Topics?
· Generating Sales
· Analyzing the ROI/Data
· Reducing marketing costs without losing business
Marketing drives sales. How can a company reduce a marketing budget without losing sales? Before we tackle that question, let’s address the first two topics.
If we are heading into a recession, how are we going to continue to generate sales? We are all asking this question or at least considering it. Generally speaking, if the consumer is taking more time to research and check out all the companies before laying down a buck, then first and foremost you better be on the playing field: Website, social media, blogs, networking, and the like. How easy can the consumer find you? Information and education oftentimes are what the consumer is looking for prior to making a purchase. Make it easy for them. Be the resource they are looking for! This will generate sales.
Second, know your numbers. We hear this all the time. But it’s true. It’s not just the budget numbers that I am talking about.
· How many people visit the company website in a month?
· Is that number increasing or decreasing?
· How current is the information on your website?
· How much do you spend on FB ads? Google ads?
Gather and analyze as much data as you can to be able to make informed decisions on the marketing spend. In uncertain economic times, be as certain as you can as to what you are spending and what you are getting for that investment.
Next topic, how can you generate sales when you may have to cut your marketing budget? Some companies will have to cut their marketing budget no matter what. Then creativity steps in:
· Referral programs
· Loyalty options
· Perks for repeat customers
· Special shopping days, or discount programs
Really, the list is endless for those who need to make adjustments to their marketing budgets in 2023 and for the foreseeable future after 2023. If you are concerned about what’s ahead, do your work now! This will make a difference in the upcoming year and for years to come.
Now is the time to try something new.
If you have enjoyed a robust business or was able to adapt to the pandemic economy, then maybe this recession isn’t making you nervous. However, if you are concerned about what is coming up in the 4th quarter and beyond, consider taking some action now instead of waiting for more downward trends. Success is being prepared and proactive and not reactive.
If you know your numbers and you are open to trying new options for consumers, then sales will result. We don’t know what the economic forecast is going to be or how long it will last, but we do know that being flexible is always a winning strategy.
At NP Marketing Group we focus on data to help the business owner make informed decisions. At NP we support the business owner by assisting with these functions:
· Notifying the sales team when consumers are visiting the company website.
· Pivot effectively and efficiently the company marketing budget based on current conditions
· Next Generation analysis to beat the competition by getting there first
· Produce data for your database for future business campaigns.
If you are interested in learning more, please reach out to Tim, at Tim@NPmarketinggroup.com.