Photo by Mikhail Nilov on Pexels
A recession is defined as two consecutive quarters of negative gross domestic product (GDP). This significant decline in activity across the economy is a hardship for many. Some experts are saying that we may find ourselves in the midst of a recession soon. The reason for this is that the Federal Reserve is continuing to raise interest rates until inflation moderates. This could cause the economy to contract.
Small businesses understandably have a considerable amount of fear tied to recession. The riskiest industries to work in during this time include construction, real estate, hospitality, manufacturing, and retail. If your business falls under any of these industries, you may be wondering what it takes to successfully get through a recession. We are going to take a look at what you need to do to mitigate fears, and part of that is through the delivery of 3D popup cards.
Understand the different types of customers in a recession.
Economic downturn is seen to erode the confidence of buyers. Of course, a recession doesn’t hit everyone in the exact same way. It depends on your residence and job whether you will have extra spending money. For example, the auto industry faces a decline in sales during a recession due to buyers backing out of the market. There is less need for those buyers to make a big purchasing decision when they are faced with an increase in their own day-to-day expenses.
Essentially, the majority of consumers become less indulgent. They might slam on the brakes, only going with brands that provide evident value. Others will occasionally buy luxury items, but primarily focus on smaller purchases. In either case, it is in your best interest to not retreat during a recession. As a business owner, you need to assess strategic opportunities that could keep your company healthy in the long term.
Highly-targeted marketing campaigns are the key to success.
Achieving brand loyalty is more necessary than ever. As you well know, marketing campaigns have the potential to cost a lot of money. Depending on what you want to do, it could put a real strain on your business’s budget. What resolves this for you is targeted campaigns. Through a targeted campaign, you are allocating your marketing budget to only customers that have a high potential to buy from you. This means customers that are currently facing the exact problem that your product or service solves.
To execute this type of campaign, consider going the direct mail marketing route with 3D popup cards. These make for an incredibly effective strategy, given how personalized they can be. Plus, these innovative promotional items are inexpensive and prove a great return on investment!
Custom 3D popup card for luxury developer in Texas
Consider increasing your advertising spend during a recession.
Back in 2008’s Great Recession, advertising spend across the United States dropped. We experienced decreases in ads for newspapers, radio, magazines, and TV. The advertising market saw an overall decline of 13%.
During a recession, is it understandable why businesses would choose to cut back on their costs for advertising. However, you might be surprised to learn that it is recommended that you boost your ad spend. Many of your competitors will be forced to cut back advertising expenses, leaving the door wider open for you to obtain customers. This means it is the perfect time to get creative with your outreach efforts. Invest in the dynamic product of 3D popup cards to reach your target audience right from their mailbox. As some competitors choose to retreat, you are sure to stand out.
Find ways to show compassion to your audience.
Show your business’s audience that you genuinely care. The first step to this is helping your customers spend their money wisely. Tiered services are an excellent way to do this, simultaneously assisting your current customers who are in a financial bind and encouraging new ones to check out your options. If someone does not need the maximum amount of features that your service offers, they do not have to spend the highest amount.
No matter how much your buyers spend, send them a 3D popup card to say thank you. Everyone can benefit from shows of appreciation throughout the year, but especially in times of economic hardship. While marketing during a recession, you should always engage with your customers in meaningful ways. Keep the messaging in your cards uplifting and, most importantly, tailored to the individual. A customer is not just a dollar sign!
Keep adjusting your marketing goals accordingly.
If you want to experience growth in the midst of a recession, take care to emphasize customer success stories. Customers are the lifeline of your business. With that in mind, one of the best marketing strategies is directly asking your customers about their experience with you. Send them a message via a 3D popup card saying you would love to hear from them and share their story. Include a QR code that will directly link them back to a form. You might find that they appreciate some aspects of your business better than others.
Track everything that your buyers tell you. Key performance indicators (KPIs) are quantifiable indicators of progress. Over the course of a recession, it is necessary to measure and assess KPIs in order to develop the most fruitful marketing strategy for the future. You will be able to save money by concluding campaigns that have not been working to the best of their ability.
It’s time to personalize your marketing experience with 3D popup cards. Created by Awesome 3D Cards, these innovative promotional items will delight recipients of any age and background. At the price of just a cup of coffee, they are the perfect addition to your campaign during a recession and beyond. Check out our Ready-2-Go models, which you can order now for immediate delivery. We offer a variety of 3D designs that may even inspire you for your business’s own completely custom card.