The Fed says we’re in recovery, but there’s no doubt in my mind that there continues to be a great amount of uncertainty about the economy. Looking at various economic indicators like gold futures, gun sales, and home security systems definitely supports this theory. People feel threatened and insecure, and that fear shows up in their spending habits. These are serious considerations marketers need to take into account in order to prosper under these dire circumstances.
We’ve all seen advertising campaigns based in fear, and as much as we may dislike these techniques, they do tend to work. Given the length of time that our current economic troubles have been going on, an increase in consumer awareness, target demographics, and media fatigue this base strategy will not be profitable for every market. A good marketer knows how to make the best of every situation, and what follows is some advice for how to successfully approach these stagnant markets.
1. Think about how your product fulfills your clients’ needs in this type of economy
For us Internet types, this is pretty obvious. Large numbers of unemployed people have taken to the Internet to try and make some cash. For bloggers, this means an increased opportunity for guest posts, for SEOs it means a larger potential client base. This group of people is not necessarily going to be the most Internet savvy crowd, but they need an income; by focusing your marketing strategy on how you can fulfill this need you are sure to win.
2. Think of how you can add value to your brand for this new demographic
With times being as tight as they are, most people, especially unemployed ones are reluctant to spend money on anything that isn’t clear in its returns. An investment of several thousand dollars, which for example, is quite reasonable for professional SEO services, may be out of their reach. If you are a well established SEO you may not want to split your services and lower your perceived value, but there are other avenues you can take to pick up that business without devaluing yourself. Be a little creative in addressing the needs of this demographic in order to convert their visits into sales. For example, stress your past successes in marketing start-ups and small businesses.
3. Learn to effectively manage fear instead of blindly playing into it
Start-ups inherently have a lot of uncertainty, especially for people that haven’t done them before. Successfully mitigating this fear is essential to prospering in this type of economy. While there is no sure fire way to do this, you’re marketing strategy should have it in mind. Prove to your customer base that an investment in your services will result in returns, and be honest with them what kinds of returns they can expect. Remember that this demographic is taking a gamble, and while you might not be able to guarantee their success, since that is dependent on the quality of their own work, you can guarantee the quality of the service you provide.
About the author
Alexis Bonari is a freelance writer and researcher for College Scholarships, where recently she’s been researching environmental scholarships as well as political science scholarships. Whenever she gets some free time, she enjoys watching a funny movie or curling up with a good book.