The unpredictability of a recession can cause uncertainty and fear to fester in the minds of even the most seasoned businessman, leading to rash decisions and loss of money. But it doesn’t have to be this way; with the right mindset, a recession can be turned into an opportunity for wealth to grow, and that begins with marketing.

Marketing during a recession may seem like a sacrifice you as a business owner will have to forego for the foreseeable future, but it's actually an essential aspect of keeping your practice afloat during these uncertain times.

Here’s why:

Cut Where Necessary, But Stay the Course

Venator Performance Marketing is here for you in the best of times and the worst, and we’ll help you navigate this precarious situation. Cutting certain services will happen, but this is a good opportunity to take stock of all your current offerings, shut off irrelevant ones for the time, and double down on those that are still applicable.

Shifting your brand voice to a reassuring tone and creating content around lower-cost offerings are just a few ways to keep your brand present and stay top of mind to your customers. VenatorPM’s content creators are adaptable and ready to pivot on the creative they design for your brand. Thought leadership content, particularly during a time when people are searching more often for answers and solutions, can ensure a worthwhile ROI.

Provide More Value and Secure Your Audience

While shorter-term goals may take precedence right now, this is also the time to plant the seeds for future long-term projects to position yourself as an industry leader. VenatorPM’s tracking and measuring analytics can help you narrow down where you can innovate to capitalize on customer behavior and preferences.

Your customers are unique people with individual needs, and this is your chance to realize the ways in which your practice is poised to eliminate pain points and to get creative with delivery services, sales, and new formats.

This is also a good time to consider what needs your business can fulfill for new customers by expanding outreach and looking for new audiences to target.

Plan for the Long Term

There has been plenty of research done observing the short and long-term results of companies that both ramped up and halted advertising during a recession. The findings spoke for themselves, favoring those who not only continued marketing services but boosted their efforts during economic uncertainty.

McGraw Hill looked at 600 companies in 16 separate industries between 1980 and 1985, finding that companies who pushed through with advertising during the two-year recession had 256% higher sales than their counterparts post-recession. As for those who cut advertising efforts during that time, they came up with approximately 0% market share increase, with a rise in sales of almost 18% after the economy evened out again.

Take Advantage of a Quieter Market and Lower Rates

During a recession, competitors may reduce their advertising, meaning less competition and more opportunity to get your voice heard. This may lead to a drop in paid ad rates, creating a perfect storm for your marketing ROI. 

A recession is also not a good time to try your hand at DIYing your own marketing and advertising plan. In an already uncertain environment, you don't want to add more risk by gambling against a steep learning curve. Advertising is a complex and delicate field, and misstepping could cost you more than you were prepared for. A recession is the right time to let a seasoned marketer take over and craft the best advertising strategy for your practice, ensuring more leads, higher ROI, and increased revenue per patient.

VenatorPM’s marketing plan includes omnichannel advertising focused on relevant keywords for your business, targeted content creation, and measurable metrics to increase your digital reach and give you the most bang for your buck. We can help continue to drive traffic to your website during uncertain times.

Questions and Answers

Is it a good idea to increase advertising spend during a recession?

Yes, increasing advertising spend during a recession can help businesses maintain or even increase market share, as well as win brand awareness and loyalty. By maintaining a consistent advertising presence, businesses can establish themselves as reliable and trustworthy brands in customers' minds, leading to increased sales in the long run.

Are there risks to advertising during a recession?

Yes, there are risks associated with advertising during a recession, including overspending and failing to target the right audience. However, with careful planning and guidance from an experienced agency like VenatorPM, businesses can mitigate these risks and reap the benefits of advertising during a recession.

What sells well during a recession?

During a recession, consumers prioritize spending on necessities such as food, housing, and healthcare. Healthcare is one industry that tends to fare well during a recession because it provides essential services that people can not do without, regardless of economic conditions.

During a recession, businesses that provide essential products and services, such as those in the healthcare industry, are likely to see more consistent demand than those that provide non-essential goods or services. This underscores the importance of investing in businesses that offer essential items or services that consumers cannot do without, even during tough economic times. 

Should I stop advertising and lead generation during a recession?

Pausing advertising spends and marketing efforts during a recession to cut short-term costs may put long-term growth at risk. Marketing is a crucial process that helps various aspects of business, such as building and maintaining customer relationships, promoting consistent branding, and expanding reach to new patients. These factors are critical during a recession and stopping marketing efforts can hurt long-term business growth goals.

The economy is a fickle creature, and no matter what the current climate looks like, marketing is essential to not only keeping your business afloat but continuing to grow and thrive. Venator Performance Marketing can help you with all your marketing needs, so fill out the form below to get started!