February 22, 2023
9 Marketing Strategies To Grow Your Business During a Recession
The world of marketing is constantly evolving and it can be a challenge to keep up with the latest trends – that’s why it’s so important to continually improve your marketing strategy.
Expanding your marketing team’s elasticity is crucial for staying competitive in today’s fast-paced and ever-changing business environment. Marketers need to make sure that their teams have the right skills and tools so they can adapt and respond quickly to changes in the market.
Despite the anticipation of an economic slowdown, cutting down on your brand’s marketing budget is not always the best approach for business growth. Instead, it’s important to adjust your marketing strategy carefully to ensure long-term sustainability for your business.
From investing in content marketing to implementing SEO to utilizing influencer marketing, we’ve put together a list of 9 ways to improve your marketing team’s elasticity and stay ahead of the curve even in uncertain economic times.
Let’s dive in.
Here are 9 Ways to Improve your Marketing Strategy and Build Elasticity:
1. Invest in content marketing
2. Utilize social media
3. Partner with a marketing agency
4. Monitor data and analytics
5. Invest in video marketing
6. Implement search engine optimization (SEO)
7. Utilize influencer marketing
8. Re-Invest traditional marketing to digital marketing
9. Practice paid media retargeting
1. Invest in Content Marketing:
You have probably heard it before – content is KING. This still rings true. Content marketing allows brands to directly build trust and loyalty with their target audience. It improves your marketing strategy by creating and distributing valuable, relevant, and consistent content.
If your brand consistently creates content, your audience will begin to get used to seeing it, and they’ll see your brand as a trusted resource. This will then lead to your content being reshared and increase the number of visitors to your website.
Where to start?
- Work with your team to develop a content strategy that is relevant to your audience. This can include blog posts, whitepapers, e-books, infographics, and other types of content that align with your goals. The key here is to consistently push out your content on a scheduled basis.
- Utilize content marketing platforms. There are many platforms and tools available to help your team improve your marketing strategy and distribute content. For example, content management systems (CMS) such as WordPress to create and publish content, or use automation platforms like HubSpot to distribute and track performance.
By investing in content marketing, you can provide your customers with valuable information and build trust, which can lead to increased sales and loyalty.
2. Utilize Social Media:
Social media is a powerful marketing tool that allows you to reach a large and engaged audience. By regularly posting on social media platforms such as TikTok, LinkedIn, Facebook, Instagram, and Twitter, you can increase brand awareness, generate leads, and engage with your customers.
It is also a great opportunity to build closer relationships with your audience and be top of mind. It’s a key component in improving your marketing strategy and creating elasticity for your team. Share your content on social media as well as behind-the-scenes content where audiences can see your company culture in action.
RELATED: 5 Steps to Creating Engaging Platform Specific Content
Where to start?
- Establish a presence on the right social media platforms. Different social media platforms have different audiences, so it’s key to choose the channels where your target audience is active. It’s up to your team to create buyer personas for each platform and start building a following.
- Create engaging content. Social media is a great way to directly build a relationship with your audience and improve your marketing strategy. Have your team create high-quality, engaging content that resonates with your audience.
- Engage with your followers. Simply posting on social media is not enough. Make sure your team is responding to comments, starting conversations, and asking for feedback. This interaction can help build trust with your audience and establish your brand as a thought leader in your industry.
By utilizing social media effectively, your team can reach a wider audience, build brand awareness, and drive traffic to your website. These are all key components of a successful marketing strategy that can help your team achieve its goals and drive business growth.
3. Partner with a Marketing Agency:
Partnering with a marketing agency can bring new expertise and resources to your marketing team. An agency can help you develop and implement a comprehensive marketing strategy, as well as provide support with specific marketing tasks such as social media management, email marketing, and website design.
RELATED: 5 Benefits to Working With a Marketing Agency
Working with an experienced team of marketers who are dedicated to bringing in results could be a game changer for your brand. It allows you to bring a fresh perspective to your marketing efforts with specialized skills and resources to develop and execute comprehensive marketing strategies that deliver measurable results and drive long-term growth for your business.
Where to start?
- Leverage their expertise. Marketing agencies bring a wealth of knowledge and experience to the table. When you partner with an agency you automatically get access to proven experts. These experts can range from graphic designers, copywriters, influencer marketing managers, paid media experts, content strategists, photographers and videographers, social media managers, and even analytic leads.
- Take a look at their cost-effective solutions. Partnering with an agency can be a cost-effective way to improve your marketing strategy. Agencies often offer flexible pricing models, allowing your marketing team to access the resources they need. It can help your team manage costs and improve your elasticity without breaking the bank.
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Partnering with a marketing agency can allow your team to benefit from the expertise and resources of a larger organization, and give you time back to focus on core competencies. This can lead to better results, improved marketing strategies, and increased ROI.
4. Monitor Data and Analytics:
Data and analytics can provide valuable insights into your marketing efforts and help you make informed decisions. By monitoring data and analytics, you can track the success of your campaigns, identify areas for improvement, and optimize your marketing efforts for maximum impact.
Where to start?
- Track Key Performance Indicators (KPIs). Your marketing team should establish a set of KPIs to measure the success of your marketing efforts. These can include metrics like website traffic, conversion rates, or social media engagements. Over time, tracking these numbers will lead to data-driven decisions which will improve your overall marketing strategy.
- Use analytics tools. There are many analytics tools available to help your marketing team track and analyze your data. Some of the most popular tools include Google Analytics, SEMruch, and Adobe Analytics. These tools can help you track the success of marketing campaigns and make informed decisions about future initiatives.
Optimize your efforts for maximum impact and drive better results for your brand by monitoring your data and analytics.
5. Invest in Video Marketing:
Video marketing is a powerful tool for engaging customers and driving conversions. By creating and sharing engaging video content, you can increase brand awareness, showcase your products or services, and drive traffic to your website.
Where to start?
- Create compelling videos. Have your marketing team assess your target audience and from there create high-quality, engaging videos that resonate. This can include product demos, tutorials, quick tips, or behind-the-scenes footage. Compelling videos have the potential to capture attention and build a strong emotional connection with audiences.
- Distribute videos across multiple channels. Share your videos across multiple channels to reach a wider audience. This can include your website, social media channels, YouTube, emails, and other relevant areas.
Investing in video marketing is an effective way to reach target audiences, build brand awareness, and drive engagement. Video is here to stay and if used correctly, it can help improve your overall marketing strategy.
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6. Implement Search Engine Optimization (SEO):
SEO is the process of optimizing your website and content to rank higher in search engine results. By investing in SEO, you can increase the visibility of your website and attract more qualified traffic, which can lead to increased sales and revenue.
Where to start?
- Conduct keyword research. Have your marketing team conduct keyword research to identify the keywords and phrases that your brand’s target audience is searching for online. This will help your team understand what content to create for your audience. It will help make your content more discoverable by search engines and increase visibility.
- Optimize current website. Take a look at your current website from the perspective of your target audience. Think about ways you can improve site navigation, where you can add meta descriptions and title tags, and how you can create high-quality, keyword-rich content. This will all help improve search ranking and visibility.
- Build backlinks. Backlinks are links from other websites that point to your website and are a key factor in determining your search engine ranking. Think about some reputable sources that can feature links to your site. By building quality backlinks, you can improve SEO and drive more traffic to your site.
Implementing SEO can be a powerful way to improve the overall marketing strategy and increase visibility to target audiences and drive more traffic to your website.
7. Utilize Influencer Marketing:
Influencer marketing involves partnering with individuals who have a large following and influence on social media or other platforms. By collaborating with influencers, you can tap into their followers and reach a wider audience in a more authentic and engaging way.
Nowadays there are influencers in every niche. It’s about finding them and knowing how to collaborate and promote your brand.
RELATED: Top 5 Influencer Marketing Trends that Actually Work
Where to start?
- Identify relevant influencers. Have your team begin identifying influencers who are relevant to your brand and target audience. This could include influencers who have a large following in your target market or micro-influencers, those who have a smaller following but are aligned with your brand. By working with relevant influencers, you can reach beyond your target audience and build brand awareness.
- Collaborate on content. Collaborate with influencers on creating high-quality, engaging content that resonates with your target audience. This could include sponsored posts, product reviews, or video content. Working with influencers on content allows you to tap into the influencer’s reach and gain new followers.
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By identifying relevant influencers and collaborating on content, your marketing team can use influencer marketing efforts to achieve better results for your brand.
8. Re-Invest Traditional Marketing to Digital Marketing:
Re-investing from traditional marketing to digital marketing can be a smart move for businesses looking to stay competitive. Digital marketing allows you to reach a wider audience, has higher conversion rates, and is highly measurable.
When economic times are good, feel free to try that big stunt or billboard on Sunset Blvd. But when cash is tighter, you’ll want to be able to pull levers daily if a campaign isn’t working or getting enough eyeballs.
Where to start?
- Translate traditional campaigns to digital. Consider shifting your budget and resources from traditional marketing tactics such as print advertising and direct mail to digital channels such as social media, email marketing, and paid search. For example, you could take print ads and create digital versions, or take TV commercials and create social media videos.
- Optimize digital campaigns for mobile. Reach your target audience where they are spending the majority of their time online. This could include designing responsive websites, creating mobile-friendly email campaigns, and using social media platforms that are optimized for mobile.
By taking a strategic approach to re-investing from traditional marketing to digital marketing, your marketing team can achieve better results for your business and improve your overall marketing strategy.
9. Practice Paid Media Retargeting
Paid media retargeting is a highly effective way for your marketing team to improve overall marketing strategies by reaching people who have already engaged with your brand. Personalizing retargeting efforts and A/B testing ads to determine what works best will help your team see results.
RELATED: 4 Ways to Create a More Effective Paid Social Media Campaign
Where to start?
- Create custom audiences. Create custom audiences based on your website visitors, email subscribers, or other customer data. This allows your marketing team to target people who have already engaged with your brand in some way, increasing the chances of conversion. By creating custom audiences, you can reach people who are more likely to be interested in your products or services.
- Utilize dynamic retargeting. Dynamic retargeting is a type of retargeting that allows different ads to be shown to different people based on their previous engagement with the brand. For example, if someone has viewed a product on the website, your marketing team could show them an ad for that specific product, rather than a generic ad for the brand.
- A/B test copy and creative. Your team should A/B test different versions of their retargeting ads to see what resonates best with your target audience. This could include testing different ad copy, images, and call-to-action buttons. By A/B testing your retargeting ads, the marketing team can determine which versions perform best, allowing your team to improve their overall marketing strategy by creating more effective ads.
By utilizing the tactics above, you can improve your overall marketing strategy and expand elasticity for your marketing team. The key to success is to approach these tactics in a strategic and data-driven way, continually monitoring and adjusting your approach to see what works best for your audience.
Whether your goal is to increase brand awareness, drive sales, or build customer loyalty, these 9 ways to expand your marketing team’s elasticity in 2023 can help you achieve your goals and reach new heights in your marketing efforts.
STN Digital can help you achieve these goals. Get in touch with us and fill out this form: https://www.stndigital.com/contact/