Marketing in Times of Economic Recession

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26.05.2023

Marketing in Times of Economic Recession

We will focus on the proposed marketing activities during economic recessions. But nevertheless, let's start our article by emphasizing once again that restrictions on marketing and advertising budgets during periods of economic recession lead to a decrease in sales in the short, medium and long term ... Things that we think of as savings can sometimes cost us quite a lot!

Economic recessions can sometimes last longer than predicted. It can be said that we have passed through such a stubborn recession in the period we are living in. There are many economic, sociological and psychological reasons for the recession; unfortunately, we do not have the solution. So what can we do as a business? What is being proposed? Please let's all read together…

Review Your Customers
Regardless of which industry you are in, the first thing that can be done during crisis periods is to examine the purchasing behavior of your customers or potential customers. The things they used to buy will probably change. According to what customers are buying during this period, what products and services have become attractive for them? For which products/services are they postponing the purchase?

Consumption decreases during crisis periods, but this does not mean that it ends completely. The consumption of some products is increasing compared to previous periods, even... The business is able to determine these products/services.

Focus on Your Existing Customers
This title is related to the previous one. You can ask your existing customers questions directly about their purchasing behavior. What will they receive and what will they not receive during this period? What are their needs, expectations?

It is easier to convince a customer who believes in you and has bought something from you than others. Therefore, focusing on this area will not waste your time.

Restructure Your Product/Service Portfolio
During periods of crisis, the products/services offered may not sell themselves, but one or several versions may be sold low. For example, like a car with reduced specifications or lower quality retail products... The most important thing you will benefit from here is again hidden in the first item; Customer Analysis.

Spend Your Marketing Budget Wisely
It is definitely not recommended to reduce your marketing budget. Instead, using the budget wisely is the most efficient method. Especially do not go to interruptions, especially in advertising. Especially the most measurable advertising space is in digital ads.

So what can you do to spend your advertising budget wisely? Reduce the heavy ones in the load, such as national TV ads, outdoor ads that you use for a long time... You can use the budget from here directly to promote your products that return as the most sales. Not the frequency of the advertisement, but you can reduce the duration.

Another important tool that directly affects sales is qualified content. Moreover, the cost is also more affordable than many advertising areas. Strengthen the original content that describes you/your product as much as possible.

I would like to make a small note here; another method preferred by many companies to reduce their marketing budgets is to reduce advertising agency expenses. It may be/may be preferred, but it is worth saying that this is also risky. Some companies are trying to get their own marketing departments to do the work that the agency has done; for savings purposes ... As a result, content that cannot explain its problems comes out; moreover, content that contains many mistakes as a design language comes out. Again, the fact that a saving costs a lot (!). This may actually be another article topic, but I wanted to say it by the way.

Focus on Family Values
If the channel you sell directly to consists of families, it is recommended to give emotional messages during crisis periods. During periods when unemployment increases and incomes decrease, the vast majority spends their time at home. Watching TV, spending time in front of a computer is increasing. For the consumer, who has become more emotional with the effect of the psychological pressure of the crisis, ads with emotional content attract attention and stay in mind.

Moreover, ads/brands that are memorable for emotional reasons during such periods create a reputation that will also be remembered in the medium and long term.

Fight Together To Protect Your Resources
Another group that is most anxious in times of crisis is your employees. The anxiety of losing your job reduces employee productivity. They need your reassuring behavior to stay motivated.

The same applies to your distribution channel and the third-party companies you do business with.

The best thing that can be done in this kind of anxiety environment is a good internal communication that tells us that we are fighting together to increase motivation. Moving forward by increasing communication with your employees, your distribution channel, updating your strategy according to feedback from them will increase the struggle for everyone.

Crises also come and go. The important thing is to be able to get through it all together, maybe even stronger than before.

If you have any questions, please contact us! Between working hours (9:00 Dec – 18:00), +90 542 425 82 80 you can contact us by our phone number or info@devasamedia.com you can send your questions to us directly by sending an e-mail to the address; or if you have any questions, please contact us using the form in the “contact” section of our Website with your contact information!…

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Marketing in Times of Economic Recession