You may have higher ticket items with longer sales cycles that won’t provide the biggest bang for your marketing buck – until boom times return at least.Īnd if you’re looking to make an impact during this year’s Holiday Season to make this year a certain success, now is the time to start dialing in your marketing efforts. Therefore, reframe your promotions and marketing for tighter time frames to complete sales efficiently. Uncertain times call for locking in profits in the most timely, cost-effective, and predictable ways possible. those provided by a third-party and shift your attention to products that are most likely to be in stock. Think about your mix of best sellers and potential new additions, which products you “own” vs. Tip 3: Rethink what you’re promoting – and howįinally, you’ll need to reconsider which products or services you’re promoting to ensure profitability.
Tackling existing and lapsed customers with a data-driven approach is key to marketing success in stormy economic seas. When compared to a randomly selected control group, the optimized audience saw a 91% higher order rate, 44% more efficient customer win-back cost, and an 81% lift in win-back rates. The goal was to re-engage a large list of lapsed customers and win them back in the most efficient way possible by optimizing the audience. For instance, PebblePost recently conducted an analysis for a premium meal kit brand using our Customer Engagement product. Tap into your customer CRM database to optimize these experiences and results. That extra personalized touch in your re-marketing messaging or swift customer service might make all the difference. Loyalty to your brand will be tested, and customers will be hungry for more value for their money than ever.īecause current customers may already be at least satisfied with your products, you’ll want to invest more in experiences and services in both what you’re offering and how you’re marketing. Tip 2: Focus on Customer RetentionĬonsumers will be actively bargain hunting during times of uncertainty – and you really can’t blame them – so you’ll want to shift your attention to retaining and growing business from current customers. Channels that fit this bill that you may not have previously considered are Digital Out-of-Home, Programmatic Email Advertising, and Programmatic Direct Mail (PDM). It’s all about spending on endeavors where results are specific, and ROI is tracked in detail. The key is to focus on channels that are truly complementary and accretive to your audience and business.ĭuring downturns and uncertainty, you’ll want to focus on outcomes-based marketing channels that allow you to manage your budget according to projected returns. While your competitors reduce their budgets and therefore overall visibility, companies with the cash and commitment to marketing during downturns get a larger share of overall exposure. It’s a similar concept to buying low when the stock market is in a downturn, for instance. That’s according to Wharton marketing professor David Reibstein, who also explains that it’s not about how much you spend on aggregate, but relative to the competition. It might seem counterintuitive, but companies that don’t reduce marketing budgets during economic downturns experience larger returns than in good times. Tip 1: Don’t be tempted to slash marketing Thankfully, we’re here to provide some tips, tricks, and strategies to help marketers navigate potentially unsteady seas ahead. Digital ad prices are spiking between 20% and 40%, the growth of social media ad effectiveness is slowing, and the only thing that remains certain for the remainder of 2022 is uncertainty. Moreover, 28% of economists surveyed by the Wall Street Journal expect the United States to enter some form of recession within the 12 months, up from 13% from just one year ago.Īnd it’s not just macro factors. The numbers tell the same story, with CMOs citing labor, supply chain, and inflation issues as potential growth headwinds in 2022.
Marketers who fail to embrace new ways of growing their audiences and increasing engagement risk falling behind the competition. Recession risk, inflation, and supply chain disruption loom over businesses of all shapes and sizes. Change is the only constant, as the adage goes, and this couldn’t be truer for marketers heading into 2023.
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