Recession, economic turmoil, market crash, economic downturn.
These are terms that seem to scare companies and eventually corner their marketing strategies that often turn into rash decisions. These decisions are usually influenced by myths that run in the world of marketing which might have held some truth in the early stages of market and technological development, but this is the 21st century and we are living in the most advanced technological era with consumers who are smarter and educated about their decisions. Hence smart marketing in an economic downturn might not just save your company but give you the boost that your company needs while the rest of the market is still being indecisive about budget cuts, layoffs, and economic re-distribution.
Content marketing usually takes the hit with budget cuts and redistribution, but it’s smartly investing in content marketing and repurposing the marketing goals that can give you the leverage to position your company’s mission to better suit the needs of a consumer during the economic downturn.
In this article, we are going to discuss everything from why content marketing in an economic downturn is important to what you need to keep in mind while designing your own content marketing guide during an economic downturn.
Note: Already have your content marketing guide? Your content marketing strategy here.
Myths about content marketing in economic downturn
1. Myth: Content marketing is not worth the investment during an economic downturn.
While businesses may need to be more mindful of their spending during an economic downturn, content marketing can be a cost-effective way to attract and retain customers. It can also help to build brand awareness and loyalty, which can be beneficial in the long run. And content marketing has to do more with intention than spending as content marketing also mainly aims to humanize the brands. And relatability of a brand to the common man needs smart emotionally relatable content and not just average sales content backed up by dollars.
2. Myth: People are not interested in content during an economic downturn.
People may be more interested in content during an economic downturn as they are looking for information and solutions to the challenges they are facing. Providing valuable and relevant content can help businesses to establish themselves as trusted source of information and build customer loyalty. Delivering to the audience by being the savior in need is the kind of non-product content and hand-holding one should provide. This shows that the company as a brand is not just interested in shoving its ads down your throat but actually cares about helping you solve a difficulty being faced on a daily hence building reliability.
3. Myth: Content marketing is not effective for B2B businesses during an economic downturn.
Content marketing can be effective for B2B businesses during an economic downturn as it can help to attract and retain customers and build brand awareness. B2B businesses can focus on creating content that addresses the specific needs and challenges of their target audience. During an economic downturn, it’s not just the common man that is confused and suffers, even businesses are trying to make ends meet and are looking to make their jobs easier. Evoking empathy for that struggle and making custom content to ease another business’s trouble would go a long way.
4. Myth: You should only focus on promotional content during an economic downturn.
While promotional content can be a useful part of a content marketing strategy, it is important to balance it with other types of content such as educational, informative, and entertaining content. This can help to establish your brand as a trusted source of information and build customer loyalty. It is actually during an economic downturn that the common man looks to content to distract his/her mind from worldly troubles. If as a brand you are just pitching your service and your product it might even seem annoying to the consumers. Make content that makes the audience engage with you, irrespective if it is sales-based content. A healthy mix is where your sweet spot lies.
Content marketing guide to use during an economic downturn
Content marketing can be a useful strategy while you are strategizing your marketing in economic downturn as it can help businesses to attract and retain customers while also building brand awareness and loyalty. Some specific ways that content marketing can be effective during an economic downturn include:
1. Providing valuable and relevant information:
During an economic downturn, people may be looking for information and advice on how to navigate the challenges they are facing. By providing valuable and relevant content, businesses can help to establish themselves as trusted source of information and build customer loyalty. Looking throughout the history of big brands, the ones that have stood tall are the ones that have made their identity bigger and beyond their product. Whether the business provides that value in terms of entertainment, information, or timely help it’s left to them, but being a brand in need one needs to look beyond sales and see how your brand can bring value to the daily life of a consumer.
2. Offering solutions to problems:
Economic downturns can create new challenges for businesses and consumers alike. By offering solutions to these problems through your content marketing efforts, you can help your audience to find value in your products or services. At the end of the day that is what you are trying to do with your product anyway, you are trying to solve a problem. Find the biggest problems the consumer is facing on the daily basis, see how many of them can be reverse-engineered to your service or your company mission, and find a way to execute it.
3. Creating a sense of community:
Economic downturns can be stressful and isolating. By creating a sense of community through your content marketing efforts, you can help your audience feel connected and supported. The audience won’t just feel connected to your brand but your content will also serve as a medium for other people to make a connection with each other thereby acting as a safe space for finding like-minded people and your brand being the center of attention by default.
4. Focusing on cost-effective channels:
During an economic downturn, businesses may need to be more mindful of their spending. Content marketing can be a cost-effective way to reach and engage with customers, especially when using channels such as social media or email marketing. Given that it’s these mediums where the audience is already spending their attention, you just have to make relevant content that loans their attention for a short amount of time which in turn will drive relevant traffic and engagement.
5. Adjusting your messaging:
During an economic downturn, it may be necessary to adjust your messaging to address the challenges that your audience is facing. Focus on how your products or services can help your audience to navigate the downturn and find value in what you offer. No matter how noble your company’s mission is, it will never be more important the personal struggles that the consumers have to face during the economic status of the world. Re-positioning your company message which aligns the intention of your company with the much-needed relief and understanding the common man is looking for will build a deeper bond and loyalty to the brand.
In conclusion, content marketing can be a valuable tool for businesses while strategizing your marketing in economic downturn. By creating and distributing high-quality, relevant content, businesses can attract and retain customers, build brand awareness, and establish themselves as thought leaders in their industry. However, it’s important to be strategic in your content marketing efforts and to closely monitor the effectiveness of your campaigns. This may involve adjusting your target audience, messaging, or distribution channels to better meet the needs and interests of your customers. Additionally, it may be necessary to be flexible and adapt to changing market conditions and consumer behaviors. By staying attuned to your audience and being proactive in your marketing efforts, you can effectively navigate an economic downturn and come out stronger on the other side.
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