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Ways To Market During A Recession: Time To Shine

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Forge Your Wealth is meant for education and entertainment and should not be used for financial advice.

When times are good you should advertise, when times are bad you MUST advertise.” Of course a famous advertiser said this so for all I know that is an advertisement for advertisement. Like many advertisements this stems in truth. Marketing is one of the keys to getting your business started up. It informs potential customers about what you are selling and sends out a message about you and your business. Without it, you are just producing not selling.

You already know how to advertise. Your business would have no customers whatsoever if you could not get the message of your business out there. So why limit advertising when you need it most? Just because cash may or may not be tight during a recession? A recession is the time to shine and show people you mean business by advertising your business. However, money may be a little tight so you need to be creative with your marketing. In this post I will illustrate ways to market during a recession which will help your business come out of a dark tunnel.

Advertise Potential Services And Products To New Clients

One of the largest mistakes businesses can make is to ignore providing business for a different set of clients. As a business, you should aim to provide your products and services to as many people as possible.

However, clients will only want certain products and services. You will have to adjust to provide them with those services while keeping them related to what you normally provide. For instance, my uncle owns a custom manufacturing shop. These machines can be adjusted to produce a variety of products for his clients. Of course, these are custom manufacturing machines, they are built to be adjusted.

Let’s say you provide a service to a specific set of businesses. For instance, a service to calibrate scientific instruments, you could advertise your services to other unrelated manufacturers. Sometimes these services do not require adjustments.

Be careful of your limitations though. Even my uncle who owned a custom manufacturing shop could not find a fit for all of his potential clients. Once a client wanted him to prepare a magnesium part, but he had to refuse because his current setup did not fit with compliance to produce that part.

Advertise To New Demographics

The largest mistake any business could make is to limit services or products to certain demographics. Of course, I am not talking about straight-forward turning away clients because they belong to a certain demographic. That is unwise in all instances and illegal in many instances. However, selling products and services aimed towards only certain demographics instantly cuts a significant fraction of potential customers.

While we are all human, every person needs different things. And many cultures house individuals with certain largely shared needs. Many cultures have different values and ways to express these values. Ignoring that could cut certain cultures from your business.

For instance, many immigrants need to send their money overseas to their families. Financial services can advertise to immigrants to invest extra money, but many immigrants who send thousands overseas may not have that option. That is why some financial services provide money transfer services as well as investing and saving. The financial services who provide these now have customers from almost literally around the world. Advertising and serving for different demographics is almost hands down the best way to market during a recession.

Find New Means For Advertising

Regardless of what your business is, there is a chance money is tight recession or no recession. You need to find new ways to market during a recession. There are many inexpensive and sometimes even free ways to market your business.

Social Media

Social media is not just for sharing baby pictures or “sharing” your opinions. You can use them to enhance public knowledge of your business. You can share news and post deals for your business on social media as a free form of media.

Blog

*Gasp* a blogger suggesting blogging? Blogging can be much like social media where you can post news about your business online. However, social media platforms have fairly strict terms and conditions to follow. Sometimes they even prevent self-promotion without pay. Blogging platforms tend to have less strict terms and conditions. Essentially, as long as it does not promote violence, anything derogatory, or discrimination you are fine.

Use Free Advertising Networks

It may sound almost taboo to use Craigslist, Geebo, or any other free advertising platform, but they are always available and fairly reliable. Quit letting scammers define the reputation of these sites.

Granted, you will need to put in more effort to display your reputation including showing your product or needing to complete at least some work before your customer pays you. Free advertising platforms do not really deploy ad verification so you and your customer will need to put in more effort for verifying a business.

However, I have used Craigslist to find places to live and used it to advertise. You can and probably will get results from using these platforms, making it one of the best ways to market during a recession.

Register Your Business To Listing Services

If you cannot make a business site yourself (which you all but certainly can), the next best thing is to list your business online. These listing services including Google Places which will allow your business to be searched online. Some physical businesses may be hard and maybe even nearly impossible to find without these.

SMS Marketing

One of the most underrated ways to market is SMS marketing. SMS marketing is marketing sent straight to customer’s phones via texts. That may sound invasive, but there are many ways this can work to the benefits of both the customer and the business. What you can do is offer regular deals to those who sign up to receive those ads. This way, your customer can receive discounts by signing up.

The reason this marketing strategy is underrated is because of the high turnover rate. Most people view texts that come to their phones quickly and if the business is something they signed up to receive those ads from it is likely they will be returning customers. SMS marketing is a good way for businesses who rely on regular and returning customers to market. These include grocery stores, restaurants, auto garages, and some retailers where customers will likely return for good deals. Furthermore, this is an inexpensive way to market.

But who am I kidding, I am not the expert on this. One of the best sites to find information on SMS marketing is ExpressText. If you feel your business could benefit from SMS marketing check out their site. Not only do they provide information on SMS marketing, but other ways to reach out to your customers, previous, current, and future.

Final Thoughts

A recession is not a time to slow down on marketing, but to find new ways to market. If you are reading this article, it is likely that times are tough right now. Instead of cutting back in marketing, you need to find better ways to market. Not only should you find better and less expensive avenues to market, but you should find new ways to market to maximize the potential for your business. Do not forget, every time someone mentions or reads the name of your business or your product, that is advertisement. You do not need to hire a top actor/actress and put your ad on the most popular broadcast to advertise well. In fact, there is no guarantee that using popular broadcasting avenues would be good advertising. By marketing in the right areas to the right people, not only could your business make it through trying times, but it can thrive through them to put you back on path to forge your wealth.

Author: Papa Foxtrot

Most of my life I was careful with money and learned where I should invest it. I was very lucky to have parents who taught me financial literacy when I was young. Unfortunately, I am very lucky because many people lack the financial literacy I know. The purpose of Forge Your Wealth is to teach people who are just starting out in life how to obtain their wealth or anyone who just realized they may need to learn more to handle their finances. I currently have a PhD in biochemistry, just started a job in industry (will not disclose where exactly for personal and professional reasons) and am currently married to the love of my life. I am one of the lucky few people in America who graduated with no student debts, my wife was not. Over the series of a little over 3 years we paid for our wedding with no debt and paid off her federal student loans.

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