{"id":11501,"date":"2022-09-06T09:00:00","date_gmt":"2022-09-06T17:00:00","guid":{"rendered":"https:\/\/www.rangeme.com\/blog\/?p=11501"},"modified":"2022-09-01T11:44:25","modified_gmt":"2022-09-01T19:44:25","slug":"how-to-market-your-brand-during-a-recession","status":"publish","type":"post","link":"https:\/\/www.rangeme.com\/blog\/how-to-market-your-brand-during-a-recession\/","title":{"rendered":"How to Market Your Brand During a Recession"},"content":{"rendered":"\n<p class=\"has-drop-cap wp-block-paragraph\">It\u2019s time to recession-proof your brand. Recent economic reports highlight market issues like higher inflation, interest rate hikes, lower consumption, layoffs, and reduced hiring. Together, these trends point toward an economic slowdown and potential recession.<span class=\"footnote_referrer\"><a role=\"button\" tabindex=\"0\" onclick=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_1');\" onkeypress=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_1');\" ><sup id=\"footnote_plugin_tooltip_11501_1_1\" class=\"footnote_plugin_tooltip_text\">1<\/sup><\/a><span id=\"footnote_plugin_tooltip_text_11501_1_1\" class=\"footnote_tooltip\"> Kelly, Jack. What You Need To Know About Layoffs, Hiring Freezes, Inflation And A Possible Recession. Forbes. June 23, 2022. <\/span><\/span><script type=\"text\/javascript\"> jQuery('#footnote_plugin_tooltip_11501_1_1').tooltip({ tip: '#footnote_plugin_tooltip_text_11501_1_1', tipClass: 'footnote_tooltip', effect: 'fade', predelay: 0, fadeInSpeed: 200, delay: 400, fadeOutSpeed: 200, position: 'top right', relative: true, offset: [10, 10], });<\/script><sup>,<\/sup><span class=\"footnote_referrer\"><a role=\"button\" tabindex=\"0\" onclick=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_2');\" onkeypress=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_2');\" ><sup id=\"footnote_plugin_tooltip_11501_1_2\" class=\"footnote_plugin_tooltip_text\">2<\/sup><\/a><span id=\"footnote_plugin_tooltip_text_11501_1_2\" class=\"footnote_tooltip\"> Bhattarai, Abha. U.S. economy shrinks again in second quarter, reviving recession fears. The Washington Post. July 28, 2022. <\/span><\/span><script type=\"text\/javascript\"> jQuery('#footnote_plugin_tooltip_11501_1_2').tooltip({ tip: '#footnote_plugin_tooltip_text_11501_1_2', tipClass: 'footnote_tooltip', effect: 'fade', predelay: 0, fadeInSpeed: 200, delay: 400, fadeOutSpeed: 200, position: 'top right', relative: true, offset: [10, 10], });<\/script><br><br>However, there\u2019s no need for consumer packaged goods (CPG) brands to panic. Economic downturns are a natural phase of the business cycle. Many factors remain within a brand\u2019s control, including marketing efforts. That\u2019s why we\u2019re sharing the following marketing best practices to help you grow your top line, even in a recession.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Pause to plan<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Recessions can create lucrative new business opportunities because market conditions change.<span class=\"footnote_referrer\"><a role=\"button\" tabindex=\"0\" onclick=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_3');\" onkeypress=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_3');\" ><sup id=\"footnote_plugin_tooltip_11501_1_3\" class=\"footnote_plugin_tooltip_text\">3<\/sup><\/a><span id=\"footnote_plugin_tooltip_text_11501_1_3\" class=\"footnote_tooltip\"> 6 Ways to Increase Sales in a Recession or Economic Downturn. Sociallybuzz. 2022. <\/span><\/span><script type=\"text\/javascript\"> jQuery('#footnote_plugin_tooltip_11501_1_3').tooltip({ tip: '#footnote_plugin_tooltip_text_11501_1_3', tipClass: 'footnote_tooltip', effect: 'fade', predelay: 0, fadeInSpeed: 200, delay: 400, fadeOutSpeed: 200, position: 'top right', relative: true, offset: [10, 10], });<\/script> To adapt to market uncertainty, re-examine your marketing strategy to stay focused, clarify your priorities, and optimize your resources.<span class=\"footnote_referrer\"><a role=\"button\" tabindex=\"0\" onclick=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_4');\" onkeypress=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_4');\" ><sup id=\"footnote_plugin_tooltip_11501_1_4\" class=\"footnote_plugin_tooltip_text\">4<\/sup><\/a><span id=\"footnote_plugin_tooltip_text_11501_1_4\" class=\"footnote_tooltip\"> Price, Seth. Five Marketing Strategies For Coming Out Of The Recession Stronger. Forbes. January 13, 2021. <\/span><\/span><script type=\"text\/javascript\"> jQuery('#footnote_plugin_tooltip_11501_1_4').tooltip({ tip: '#footnote_plugin_tooltip_text_11501_1_4', tipClass: 'footnote_tooltip', effect: 'fade', predelay: 0, fadeInSpeed: 200, delay: 400, fadeOutSpeed: 200, position: 'top right', relative: true, offset: [10, 10], });<\/script><br><br>Since consumer habits have shifted due to the pandemic, <a href=\"https:\/\/www.rangeme.com\/blog\/how-the-supply-chain-disruption-is-sparking-holiday-risk-resilience\" target=\"_blank\" rel=\"noreferrer noopener\">supply chain disruption<\/a>, and rising inflation, research your market for the latest data. Incorporate these insights into your marketing plan to accurately reflect consumers\u2019 evolving needs, competitive moves, and market risks, and align with these trends to gain an advantage.<span class=\"footnote_referrer\"><a role=\"button\" tabindex=\"0\" onclick=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_5');\" onkeypress=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_5');\" ><sup id=\"footnote_plugin_tooltip_11501_1_5\" class=\"footnote_plugin_tooltip_text\">5<\/sup><\/a><span id=\"footnote_plugin_tooltip_text_11501_1_5\" class=\"footnote_tooltip\"> Price, Seth. Five Marketing Strategies For Coming Out Of The Recession Stronger. Forbes. January 13, 2021. <\/span><\/span><script type=\"text\/javascript\"> jQuery('#footnote_plugin_tooltip_11501_1_5').tooltip({ tip: '#footnote_plugin_tooltip_text_11501_1_5', tipClass: 'footnote_tooltip', effect: 'fade', predelay: 0, fadeInSpeed: 200, delay: 400, fadeOutSpeed: 200, position: 'top right', relative: true, offset: [10, 10], });<\/script><\/p>\n\n\n\n<blockquote class=\"wp-block-quote has-text-align-center is-style-default is-layout-flow wp-block-quote-is-layout-flow\"><p><em>\u201cThroughout a downturn, all consumers \u2026 <br>typically re-evaluate their consumption priorities.\u201d<\/em><span class=\"footnote_referrer\"><a role=\"button\" tabindex=\"0\" onclick=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_6');\" onkeypress=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_6');\" ><sup id=\"footnote_plugin_tooltip_11501_1_6\" class=\"footnote_plugin_tooltip_text\">6<\/sup><\/a><span id=\"footnote_plugin_tooltip_text_11501_1_6\" class=\"footnote_tooltip\"> Quelch, John and Katherine E. Jocz. How to Market in a Downturn. Harvard Business Review. April 2009. <\/span><\/span><script type=\"text\/javascript\"> jQuery('#footnote_plugin_tooltip_11501_1_6').tooltip({ tip: '#footnote_plugin_tooltip_text_11501_1_6', tipClass: 'footnote_tooltip', effect: 'fade', predelay: 0, fadeInSpeed: 200, delay: 400, fadeOutSpeed: 200, position: 'top right', relative: true, offset: [10, 10], });<\/script><\/p><\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">Pay attention to how an economic downturn affects your target customers\u2019 discretionary income and purchasing decisions. For instance, do they change their behavior if leading brands in your category use <a href=\"https:\/\/www.rangeme.com\/blog\/all-about-shrinkflation-and-its-impact\/\" target=\"_blank\" rel=\"noreferrer noopener\">shrinkflation<\/a> to stabilize prices? Also, consider whether simplifying your marketing strategy by streamlining your SKUs could free up your team to focus on promoting only your bestsellers and unique products.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Invest more in marketing<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">When recessions hit, too many companies make the knee-jerk reaction of cutting their marketing spend. By going in the opposite direction and marketing your brand more, you\u2019ll face less competition and improve your likelihood of growing sales and market share.<span class=\"footnote_referrer\"><a role=\"button\" tabindex=\"0\" onclick=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_7');\" onkeypress=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_7');\" ><sup id=\"footnote_plugin_tooltip_11501_1_7\" class=\"footnote_plugin_tooltip_text\">7<\/sup><\/a><span id=\"footnote_plugin_tooltip_text_11501_1_7\" class=\"footnote_tooltip\"> Price, Seth. Five Marketing Strategies For Coming Out Of The Recession Stronger. Forbes. January 13, 2021. <\/span><\/span><script type=\"text\/javascript\"> jQuery('#footnote_plugin_tooltip_11501_1_7').tooltip({ tip: '#footnote_plugin_tooltip_text_11501_1_7', tipClass: 'footnote_tooltip', effect: 'fade', predelay: 0, fadeInSpeed: 200, delay: 400, fadeOutSpeed: 200, position: 'top right', relative: true, offset: [10, 10], });<\/script><\/p>\n\n\n\n<blockquote class=\"wp-block-quote has-text-align-center is-layout-flow wp-block-quote-is-layout-flow\"><p><em>Marketing and advertising are crucial during a recession.<br>Companies that invested in marketing saw their numbers grow.<\/em><span class=\"footnote_referrer\"><a role=\"button\" tabindex=\"0\" onclick=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_8');\" onkeypress=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_8');\" ><sup id=\"footnote_plugin_tooltip_11501_1_8\" class=\"footnote_plugin_tooltip_text\">8<\/sup><\/a><span id=\"footnote_plugin_tooltip_text_11501_1_8\" class=\"footnote_tooltip\"> 6 Ways to Increase Sales in a Recession or Economic Downturn. Sociallybuzz. 2022. <\/span><\/span><script type=\"text\/javascript\"> jQuery('#footnote_plugin_tooltip_11501_1_8').tooltip({ tip: '#footnote_plugin_tooltip_text_11501_1_8', tipClass: 'footnote_tooltip', effect: 'fade', predelay: 0, fadeInSpeed: 200, delay: 400, fadeOutSpeed: 200, position: 'top right', relative: true, offset: [10, 10], });<\/script><\/p><\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Stay consistent<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Resist the temptation to overhaul your brand during a recession to avoid confusing your current customers and losing sales. Retain your current company name, branding, marketing, and frequency of outreach throughout the recession to control marketing costs and protect brand trust.<span class=\"footnote_referrer\"><a role=\"button\" tabindex=\"0\" onclick=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_9');\" onkeypress=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_9');\" ><sup id=\"footnote_plugin_tooltip_11501_1_9\" class=\"footnote_plugin_tooltip_text\">9<\/sup><\/a><span id=\"footnote_plugin_tooltip_text_11501_1_9\" class=\"footnote_tooltip\"> Johnson, Jamie. How to Market Your Business During a Recession. CO by U.S. Chamber of Congress. June 24, 2022. <\/span><\/span><script type=\"text\/javascript\"> jQuery('#footnote_plugin_tooltip_11501_1_9').tooltip({ tip: '#footnote_plugin_tooltip_text_11501_1_9', tipClass: 'footnote_tooltip', effect: 'fade', predelay: 0, fadeInSpeed: 200, delay: 400, fadeOutSpeed: 200, position: 'top right', relative: true, offset: [10, 10], });<\/script><sup>,<\/sup><span class=\"footnote_referrer\"><a role=\"button\" tabindex=\"0\" onclick=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_10');\" onkeypress=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_10');\" ><sup id=\"footnote_plugin_tooltip_11501_1_10\" class=\"footnote_plugin_tooltip_text\">10<\/sup><\/a><span id=\"footnote_plugin_tooltip_text_11501_1_10\" class=\"footnote_tooltip\"> Price, Seth. Five Marketing Strategies For Coming Out Of The Recession Stronger. Forbes. January 13, 2021. <\/span><\/span><script type=\"text\/javascript\"> jQuery('#footnote_plugin_tooltip_11501_1_10').tooltip({ tip: '#footnote_plugin_tooltip_text_11501_1_10', tipClass: 'footnote_tooltip', effect: 'fade', predelay: 0, fadeInSpeed: 200, delay: 400, fadeOutSpeed: 200, position: 'top right', relative: true, offset: [10, 10], });<\/script><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Get your pricing right<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Setting an acceptable price is table stakes, especially since recessions make consumers far more discerning with their purchase decisions.<br><br>Recent inflation increases have already attracted more consumers to value-tier products, bargain hunting, and <a href=\"https:\/\/www.rangeme.com\/blog\/private-labels\/\" target=\"_blank\" rel=\"noreferrer noopener\">private labels<\/a>.<span class=\"footnote_referrer\"><a role=\"button\" tabindex=\"0\" onclick=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_11');\" onkeypress=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_11');\" ><sup id=\"footnote_plugin_tooltip_11501_1_11\" class=\"footnote_plugin_tooltip_text\">11<\/sup><\/a><span id=\"footnote_plugin_tooltip_text_11501_1_11\" class=\"footnote_tooltip\"> IRI Releases Latest Insights on Food Inflation Impact on Consumer Shopping Behavior. IRI. August 9, 2022. <\/span><\/span><script type=\"text\/javascript\"> jQuery('#footnote_plugin_tooltip_11501_1_11').tooltip({ tip: '#footnote_plugin_tooltip_text_11501_1_11', tipClass: 'footnote_tooltip', effect: 'fade', predelay: 0, fadeInSpeed: 200, delay: 400, fadeOutSpeed: 200, position: 'top right', relative: true, offset: [10, 10], });<\/script> In response, you could offer limited-time deals, volume discounts, freebies, bundles, value-added <a href=\"https:\/\/www.rangeme.com\/blog\/brand-loyalty-is-put-to-the-test\/\" target=\"_blank\" rel=\"noreferrer noopener\">loyalty<\/a> memberships, or after-purchase bonuses to entice price-conscious consumers to buy.<span class=\"footnote_referrer\"><a role=\"button\" tabindex=\"0\" onclick=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_12');\" onkeypress=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_12');\" ><sup id=\"footnote_plugin_tooltip_11501_1_12\" class=\"footnote_plugin_tooltip_text\">12<\/sup><\/a><span id=\"footnote_plugin_tooltip_text_11501_1_12\" class=\"footnote_tooltip\"> 6 Ways to Increase Sales in a Recession or Economic Downturn. Sociallybuzz. 2022. <\/span><\/span><script type=\"text\/javascript\"> jQuery('#footnote_plugin_tooltip_11501_1_12').tooltip({ tip: '#footnote_plugin_tooltip_text_11501_1_12', tipClass: 'footnote_tooltip', effect: 'fade', predelay: 0, fadeInSpeed: 200, delay: 400, fadeOutSpeed: 200, position: 'top right', relative: true, offset: [10, 10], });<\/script> If your product has a higher price and flexible margins, dropping the price could improve your reach and sales by making it affordable to more consumers.<span class=\"footnote_referrer\"><a role=\"button\" tabindex=\"0\" onclick=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_13');\" onkeypress=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_13');\" ><sup id=\"footnote_plugin_tooltip_11501_1_13\" class=\"footnote_plugin_tooltip_text\">13<\/sup><\/a><span id=\"footnote_plugin_tooltip_text_11501_1_13\" class=\"footnote_tooltip\"> 6 Ways to Increase Sales in a Recession or Economic Downturn. Sociallybuzz. 2022. <\/span><\/span><script type=\"text\/javascript\"> jQuery('#footnote_plugin_tooltip_11501_1_13').tooltip({ tip: '#footnote_plugin_tooltip_text_11501_1_13', tipClass: 'footnote_tooltip', effect: 'fade', predelay: 0, fadeInSpeed: 200, delay: 400, fadeOutSpeed: 200, position: 'top right', relative: true, offset: [10, 10], });<\/script><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Conversely, product quality, innovation, and popular features can command a premium even as the market contracts, so evaluate how changes to your pricing strategy could help you maximize profits.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Go to your audience<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Make product discovery easy by getting your brand in front of your dream customers where they already spend their time by using:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Social media:<\/strong> Establish a solid brand presence across your audience\u2019s most relevant platforms, which may include Instagram and TikTok. A robust social presence can drive interested consumers to your online store.<span class=\"footnote_referrer\"><a role=\"button\" tabindex=\"0\" onclick=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_14');\" onkeypress=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_14');\" ><sup id=\"footnote_plugin_tooltip_11501_1_14\" class=\"footnote_plugin_tooltip_text\">14<\/sup><\/a><span id=\"footnote_plugin_tooltip_text_11501_1_14\" class=\"footnote_tooltip\"> Morley, Jed. 6 Recession-Proof Business Marketing Strategies. Entrepreneur. July 11, 2022. <\/span><\/span><script type=\"text\/javascript\"> jQuery('#footnote_plugin_tooltip_11501_1_14').tooltip({ tip: '#footnote_plugin_tooltip_text_11501_1_14', tipClass: 'footnote_tooltip', effect: 'fade', predelay: 0, fadeInSpeed: 200, delay: 400, fadeOutSpeed: 200, position: 'top right', relative: true, offset: [10, 10], });<\/script><\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.rangeme.com\/blog\/always-on-shopping-fuels-brand-advertising-as-a-24-7-sales-force\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Digital advertising<\/strong><\/a><strong>:<\/strong> Boost your online visibility and sell around the clock with digital advertising. Use campaigns to emphasize qualities that make your products and brand in-demand and relevant. These qualities could range from consumer values (like <a href=\"https:\/\/www.rangeme.com\/blog\/understanding-esg-and-how-to-build-on-it\/\" target=\"_blank\" rel=\"noreferrer noopener\">sustainability<\/a> and <a href=\"https:\/\/www.rangeme.com\/blog\/supplier-diversity-a-look-around-the-globe\/\" target=\"_blank\" rel=\"noreferrer noopener\">diversity<\/a>) to specific keywords used in online searches (like certified organic or hypoallergenic).<br><\/li><li><strong>Local marketing:<\/strong> Reach consumers in your area through targeted local campaigns and trade networks with regional retailers. Beyond serving the people in your local community, you can lower your logistics costs by shortening your supply chain.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Love those who love you<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Why waste time and money by chasing unrequited brand love? Instead, double down on satisfying your most valuable customers and biggest supporters, especially during a recession. According to research, the probability of selling to an existing customer is 60% to 70% (vs. only 5% to 20% for a prospective customer).<span class=\"footnote_referrer\"><a role=\"button\" tabindex=\"0\" onclick=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_15');\" onkeypress=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_15');\" ><sup id=\"footnote_plugin_tooltip_11501_1_15\" class=\"footnote_plugin_tooltip_text\">15<\/sup><\/a><span id=\"footnote_plugin_tooltip_text_11501_1_15\" class=\"footnote_tooltip\"> Spillane, James. Why Your Existing Customers Are Your Best Customers. Business2Community. July 21, 2022. <\/span><\/span><script type=\"text\/javascript\"> jQuery('#footnote_plugin_tooltip_11501_1_15').tooltip({ tip: '#footnote_plugin_tooltip_text_11501_1_15', tipClass: 'footnote_tooltip', effect: 'fade', predelay: 0, fadeInSpeed: 200, delay: 400, fadeOutSpeed: 200, position: 'top right', relative: true, offset: [10, 10], });<\/script> In addition, repeat customers spend an average of 31% more than first-time customers.<span class=\"footnote_referrer\"><a role=\"button\" tabindex=\"0\" onclick=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_16');\" onkeypress=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_16');\" ><sup id=\"footnote_plugin_tooltip_11501_1_16\" class=\"footnote_plugin_tooltip_text\">16<\/sup><\/a><span id=\"footnote_plugin_tooltip_text_11501_1_16\" class=\"footnote_tooltip\"> Spillane, James. Why Your Existing Customers Are Your Best Customers. Business2Community. July 21, 2022. <\/span><\/span><script type=\"text\/javascript\"> jQuery('#footnote_plugin_tooltip_11501_1_16').tooltip({ tip: '#footnote_plugin_tooltip_text_11501_1_16', tipClass: 'footnote_tooltip', effect: 'fade', predelay: 0, fadeInSpeed: 200, delay: 400, fadeOutSpeed: 200, position: 'top right', relative: true, offset: [10, 10], });<\/script><\/p>\n\n\n\n<blockquote class=\"wp-block-quote has-text-align-center is-layout-flow wp-block-quote-is-layout-flow\"><p><em>\u201cDuring recessions \u2026 remember that loyal customers are the<br>primary, enduring source of cash flow and organic growth.\u201d<\/em><span class=\"footnote_referrer\"><a role=\"button\" tabindex=\"0\" onclick=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_17');\" onkeypress=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_17');\" ><sup id=\"footnote_plugin_tooltip_11501_1_17\" class=\"footnote_plugin_tooltip_text\">17<\/sup><\/a><span id=\"footnote_plugin_tooltip_text_11501_1_17\" class=\"footnote_tooltip\"> Quelch, John and Katherine E. Jocz. How to Market in a Downturn. Harvard Business Review. April 2009. <\/span><\/span><script type=\"text\/javascript\"> jQuery('#footnote_plugin_tooltip_11501_1_17').tooltip({ tip: '#footnote_plugin_tooltip_text_11501_1_17', tipClass: 'footnote_tooltip', effect: 'fade', predelay: 0, fadeInSpeed: 200, delay: 400, fadeOutSpeed: 200, position: 'top right', relative: true, offset: [10, 10], });<\/script><\/p><\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">That\u2019s why it can pay off for you to commit to the audiences who are most receptive to your brand and products. These loyal fans are also most likely to amplify your marketing reach through word-of-mouth across their social media networks and relevant communities.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Modernize your marketing<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">To convert more online shoppers, invest in sales tools like <a href=\"https:\/\/www.rangeme.com\/blog\/ar-boosts-retail-trust-and-sales\/\" target=\"_blank\" rel=\"noreferrer noopener\">augmented reality (AR)<\/a> and livestreaming. These innovations can promote trust among online shoppers by giving them more information about your product\u2019s fit and suitability for their individual needs. For example, beauty brands can use AR to assure a shopper that a foundation matches their complexion or a lipstick color looks flattering on them.<span class=\"footnote_referrer\"><a role=\"button\" tabindex=\"0\" onclick=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_18');\" onkeypress=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_18');\" ><sup id=\"footnote_plugin_tooltip_11501_1_18\" class=\"footnote_plugin_tooltip_text\">18<\/sup><\/a><span id=\"footnote_plugin_tooltip_text_11501_1_18\" class=\"footnote_tooltip\"> Norris, Rebecca. The Future of Shopping For Beauty Has Nothing to Do With an IRL Experience. InStyle. April 27, 2022. <\/span><\/span><script type=\"text\/javascript\"> jQuery('#footnote_plugin_tooltip_11501_1_18').tooltip({ tip: '#footnote_plugin_tooltip_text_11501_1_18', tipClass: 'footnote_tooltip', effect: 'fade', predelay: 0, fadeInSpeed: 200, delay: 400, fadeOutSpeed: 200, position: 'top right', relative: true, offset: [10, 10], });<\/script><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Know you\u2019re not alone<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Running a business is tough in any economic climate. Fortunately, many resources exist to help support the success of business owners like you.<br><br>Start by speaking to experts in your niche, especially those whose businesses survived the last recession to learn which marketing strategies and tactics worked for them.<span class=\"footnote_referrer\"><a role=\"button\" tabindex=\"0\" onclick=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_19');\" onkeypress=\"footnote_moveToReference_11501_1('footnote_plugin_reference_11501_1_19');\" ><sup id=\"footnote_plugin_tooltip_11501_1_19\" class=\"footnote_plugin_tooltip_text\">19<\/sup><\/a><span id=\"footnote_plugin_tooltip_text_11501_1_19\" class=\"footnote_tooltip\"> 6 Ways to Increase Sales in a Recession or Economic Downturn. Sociallybuzz. 2022. <\/span><\/span><script type=\"text\/javascript\"> jQuery('#footnote_plugin_tooltip_11501_1_19').tooltip({ tip: '#footnote_plugin_tooltip_text_11501_1_19', tipClass: 'footnote_tooltip', effect: 'fade', predelay: 0, fadeInSpeed: 200, delay: 400, fadeOutSpeed: 200, position: 'top right', relative: true, offset: [10, 10], });<\/script> Seek advice from financial and business advisors, and fellow entrepreneurs to understand what you should and shouldn\u2019t do during the economic downturn, including the following organizations.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Financial aid groups<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/businesswarrior.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Business Warrior<\/a>\u00a0<\/li><li><a href=\"https:\/\/www.incfile.com\/entrepreneur-grant#entrepreneur-grant\" target=\"_blank\" rel=\"noreferrer noopener\">Fresh Start Business Grant<\/a><\/li><li>GoFundMe\u2019s <a href=\"https:\/\/www.gofundme.com\/c\/small-business-relief-initiative-and-fund-faqs\" target=\"_blank\" rel=\"noreferrer noopener\">Small Business Relief Fund<\/a><\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Government relief<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.grants.gov\/\" target=\"_blank\" rel=\"noreferrer noopener\">Grants.gov<\/a>.<\/li><li><a href=\"https:\/\/www.sba.gov\/business-guide\/plan-your-business\/fund-your-business\" target=\"_blank\" rel=\"noreferrer noopener\">Small Business Administration (SBA)<\/a><\/li><li><a href=\"https:\/\/www.uschamber.com\/co\/run\/business-financing\/government-small-business-grant-programs\" target=\"_blank\" rel=\"noreferrer noopener\">U.S. Small Business Administration State Trade Expansion Program (STEP)<\/a>\u00a0<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Entrepreneur support groups <\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.chamberofcommerce.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Chamber of Commerce<\/a><\/li><li><a href=\"https:\/\/www.eonetwork.org\/\" target=\"_blank\" rel=\"noreferrer noopener\">Entrepreneurs Organization (EO)<\/a><\/li><li><a href=\"https:\/\/www.sba.gov\/local-assistance\/find\/?type=Small%20Business%20Development%20Center&amp;pageNumber=1\" target=\"_blank\" rel=\"noreferrer noopener\">SBA Small Business Development Centers<\/a><\/li><li><a href=\"https:\/\/www.score.org\/\" target=\"_blank\" rel=\"noreferrer noopener\">SCORE<\/a><\/li><li><a href=\"https:\/\/www.startupgrind.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Startup Grind<\/a><\/li><li><a href=\"http:\/\/www.startupnation.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">StartupNation<\/a><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Overall, these marketing best practices can keep you resilient and prepared to keep selling in a recession. Plan ahead, focus your limited resources, and access business resources so you can thrive even amid an economic downturn.<\/p>\n<div class=\"speaker-mute footnotes_reference_container\"> <div class=\"footnote_container_prepare\"><p><span role=\"button\" tabindex=\"0\" class=\"footnote_reference_container_label pointer\" onclick=\"footnote_expand_collapse_reference_container_11501_1();\">&#x202F;<\/span><span role=\"button\" tabindex=\"0\" class=\"footnote_reference_container_collapse_button\" style=\"\" onclick=\"footnote_expand_collapse_reference_container_11501_1();\">[<a id=\"footnote_reference_container_collapse_button_11501_1\">+<\/a>]<\/span><\/p><\/div> <div id=\"footnote_references_container_11501_1\" style=\"display: none;\"><table class=\"footnotes_table footnote-reference-container\"><caption class=\"accessibility\">References<\/caption> <tbody> \r\n\r\n<tr class=\"footnotes_plugin_reference_row\"> <th scope=\"row\" class=\"footnote_plugin_index_combi pointer\"  onclick=\"footnote_moveToAnchor_11501_1('footnote_plugin_tooltip_11501_1_1');\"><a id=\"footnote_plugin_reference_11501_1_1\" class=\"footnote_backlink\"><span class=\"footnote_index_arrow\">&#8593;<\/span>1<\/a><\/th> <td class=\"footnote_plugin_text\"> Kelly, Jack. What You Need To Know About Layoffs, Hiring Freezes, Inflation And A Possible Recession. Forbes. June 23, 2022. <\/td><\/tr>\r\n\r\n<tr class=\"footnotes_plugin_reference_row\"> <th scope=\"row\" class=\"footnote_plugin_index_combi pointer\"  onclick=\"footnote_moveToAnchor_11501_1('footnote_plugin_tooltip_11501_1_2');\"><a id=\"footnote_plugin_reference_11501_1_2\" class=\"footnote_backlink\"><span class=\"footnote_index_arrow\">&#8593;<\/span>2<\/a><\/th> <td class=\"footnote_plugin_text\"> Bhattarai, Abha. U.S. economy shrinks again in second quarter, reviving recession fears. The Washington Post. July 28, 2022. <\/td><\/tr>\r\n\r\n<tr class=\"footnotes_plugin_reference_row\"> <th scope=\"row\" class=\"footnote_plugin_index_combi\" ><a id=\"footnote_plugin_reference_11501_1_3\" class=\"footnote_backlink\" onclick=\"footnote_moveToAnchor_11501_1('footnote_plugin_tooltip_11501_1_3');\"><span class=\"footnote_index_arrow\">&#8593;<\/span>3,<\/a> <a id=\"footnote_plugin_reference_11501_1_8\" class=\"footnote_backlink\" onclick=\"footnote_moveToAnchor_11501_1('footnote_plugin_tooltip_11501_1_8');\"><span class=\"footnote_index_arrow\">&#8593;<\/span>8,<\/a> <a id=\"footnote_plugin_reference_11501_1_12\" class=\"footnote_backlink\" onclick=\"footnote_moveToAnchor_11501_1('footnote_plugin_tooltip_11501_1_12');\"><span class=\"footnote_index_arrow\">&#8593;<\/span>12,<\/a> <a id=\"footnote_plugin_reference_11501_1_13\" class=\"footnote_backlink\" onclick=\"footnote_moveToAnchor_11501_1('footnote_plugin_tooltip_11501_1_13');\"><span class=\"footnote_index_arrow\">&#8593;<\/span>13,<\/a> <a id=\"footnote_plugin_reference_11501_1_19\" class=\"footnote_backlink\" onclick=\"footnote_moveToAnchor_11501_1('footnote_plugin_tooltip_11501_1_19');\"><span class=\"footnote_index_arrow\">&#8593;<\/span>19<\/a><\/th> <td class=\"footnote_plugin_text\"> 6 Ways to Increase Sales in a Recession or Economic Downturn. Sociallybuzz. 2022. <\/td><\/tr>\r\n\r\n<tr class=\"footnotes_plugin_reference_row\"> <th scope=\"row\" class=\"footnote_plugin_index_combi\" ><a id=\"footnote_plugin_reference_11501_1_4\" class=\"footnote_backlink\" onclick=\"footnote_moveToAnchor_11501_1('footnote_plugin_tooltip_11501_1_4');\"><span class=\"footnote_index_arrow\">&#8593;<\/span>4,<\/a> <a id=\"footnote_plugin_reference_11501_1_5\" class=\"footnote_backlink\" onclick=\"footnote_moveToAnchor_11501_1('footnote_plugin_tooltip_11501_1_5');\"><span class=\"footnote_index_arrow\">&#8593;<\/span>5,<\/a> <a id=\"footnote_plugin_reference_11501_1_7\" class=\"footnote_backlink\" onclick=\"footnote_moveToAnchor_11501_1('footnote_plugin_tooltip_11501_1_7');\"><span class=\"footnote_index_arrow\">&#8593;<\/span>7,<\/a> <a id=\"footnote_plugin_reference_11501_1_10\" class=\"footnote_backlink\" onclick=\"footnote_moveToAnchor_11501_1('footnote_plugin_tooltip_11501_1_10');\"><span class=\"footnote_index_arrow\">&#8593;<\/span>10<\/a><\/th> <td class=\"footnote_plugin_text\"> Price, Seth. Five Marketing Strategies For Coming Out Of The Recession Stronger. Forbes. January 13, 2021. <\/td><\/tr>\r\n\r\n<tr class=\"footnotes_plugin_reference_row\"> <th scope=\"row\" class=\"footnote_plugin_index_combi\" ><a id=\"footnote_plugin_reference_11501_1_6\" class=\"footnote_backlink\" onclick=\"footnote_moveToAnchor_11501_1('footnote_plugin_tooltip_11501_1_6');\"><span class=\"footnote_index_arrow\">&#8593;<\/span>6,<\/a> <a id=\"footnote_plugin_reference_11501_1_17\" class=\"footnote_backlink\" onclick=\"footnote_moveToAnchor_11501_1('footnote_plugin_tooltip_11501_1_17');\"><span class=\"footnote_index_arrow\">&#8593;<\/span>17<\/a><\/th> <td class=\"footnote_plugin_text\"> Quelch, John and Katherine E. Jocz. How to Market in a Downturn. Harvard Business Review. April 2009. <\/td><\/tr>\r\n\r\n<tr class=\"footnotes_plugin_reference_row\"> <th scope=\"row\" class=\"footnote_plugin_index_combi pointer\"  onclick=\"footnote_moveToAnchor_11501_1('footnote_plugin_tooltip_11501_1_9');\"><a id=\"footnote_plugin_reference_11501_1_9\" class=\"footnote_backlink\"><span class=\"footnote_index_arrow\">&#8593;<\/span>9<\/a><\/th> <td class=\"footnote_plugin_text\"> Johnson, Jamie. How to Market Your Business During a Recession. CO by U.S. Chamber of Congress. June 24, 2022. <\/td><\/tr>\r\n\r\n<tr class=\"footnotes_plugin_reference_row\"> <th scope=\"row\" class=\"footnote_plugin_index_combi pointer\"  onclick=\"footnote_moveToAnchor_11501_1('footnote_plugin_tooltip_11501_1_11');\"><a id=\"footnote_plugin_reference_11501_1_11\" class=\"footnote_backlink\"><span class=\"footnote_index_arrow\">&#8593;<\/span>11<\/a><\/th> <td class=\"footnote_plugin_text\"> IRI Releases Latest Insights on Food Inflation Impact on Consumer Shopping Behavior. IRI. August 9, 2022. <\/td><\/tr>\r\n\r\n<tr class=\"footnotes_plugin_reference_row\"> <th scope=\"row\" class=\"footnote_plugin_index_combi pointer\"  onclick=\"footnote_moveToAnchor_11501_1('footnote_plugin_tooltip_11501_1_14');\"><a id=\"footnote_plugin_reference_11501_1_14\" class=\"footnote_backlink\"><span class=\"footnote_index_arrow\">&#8593;<\/span>14<\/a><\/th> <td class=\"footnote_plugin_text\"> Morley, Jed. 6 Recession-Proof Business Marketing Strategies. Entrepreneur. July 11, 2022. <\/td><\/tr>\r\n\r\n<tr class=\"footnotes_plugin_reference_row\"> <th scope=\"row\" class=\"footnote_plugin_index_combi\" ><a id=\"footnote_plugin_reference_11501_1_15\" class=\"footnote_backlink\" onclick=\"footnote_moveToAnchor_11501_1('footnote_plugin_tooltip_11501_1_15');\"><span class=\"footnote_index_arrow\">&#8593;<\/span>15,<\/a> <a id=\"footnote_plugin_reference_11501_1_16\" class=\"footnote_backlink\" onclick=\"footnote_moveToAnchor_11501_1('footnote_plugin_tooltip_11501_1_16');\"><span class=\"footnote_index_arrow\">&#8593;<\/span>16<\/a><\/th> <td class=\"footnote_plugin_text\"> Spillane, James. Why Your Existing Customers Are Your Best Customers. Business2Community. July 21, 2022. <\/td><\/tr>\r\n\r\n<tr class=\"footnotes_plugin_reference_row\"> <th scope=\"row\" class=\"footnote_plugin_index_combi pointer\"  onclick=\"footnote_moveToAnchor_11501_1('footnote_plugin_tooltip_11501_1_18');\"><a id=\"footnote_plugin_reference_11501_1_18\" class=\"footnote_backlink\"><span class=\"footnote_index_arrow\">&#8593;<\/span>18<\/a><\/th> <td class=\"footnote_plugin_text\"> Norris, Rebecca. The Future of Shopping For Beauty Has Nothing to Do With an IRL Experience. InStyle. April 27, 2022. <\/td><\/tr>\r\n\r\n <\/tbody> <\/table> <\/div><\/div><script type=\"text\/javascript\"> function footnote_expand_reference_container_11501_1() { jQuery('#footnote_references_container_11501_1').show(); jQuery('#footnote_reference_container_collapse_button_11501_1').text('\u2212'); } function footnote_collapse_reference_container_11501_1() { jQuery('#footnote_references_container_11501_1').hide(); jQuery('#footnote_reference_container_collapse_button_11501_1').text('+'); } function footnote_expand_collapse_reference_container_11501_1() { if (jQuery('#footnote_references_container_11501_1').is(':hidden')) { footnote_expand_reference_container_11501_1(); } else { footnote_collapse_reference_container_11501_1(); } } function footnote_moveToReference_11501_1(p_str_TargetID) { footnote_expand_reference_container_11501_1(); var l_obj_Target = jQuery('#' + p_str_TargetID); if (l_obj_Target.length) { jQuery( 'html, body' ).delay( 0 ); jQuery('html, body').animate({ scrollTop: l_obj_Target.offset().top - window.innerHeight * 0.2 }, 380); } } function footnote_moveToAnchor_11501_1(p_str_TargetID) { footnote_expand_reference_container_11501_1(); var l_obj_Target = jQuery('#' + p_str_TargetID); if (l_obj_Target.length) { jQuery( 'html, body' ).delay( 0 ); jQuery('html, body').animate({ scrollTop: l_obj_Target.offset().top - window.innerHeight * 0.2 }, 380); } }<\/script>","protected":false},"excerpt":{"rendered":"<p>Recent trends suggest an economic slowdown is near. 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