If you follow a good enough strategy during the economic crisis, you can not only survive the difficult times, but you can even come out of the recession as a winner.
In these cases, members of your target audience carefully consider most of their purchase decisions:
- There is a set of people whose freely expendable resources fall to a fraction from the start
- There will be those who would still have purchasing power, but will tighten their budget out of caution
- In the meantime, the number of people who do not even feel the recession may decrease
It is therefore essential that you continuously monitor and interpret the changing customer preferences, because you must be able to adapt to them.
We would like to help you with two unwritten rules that you can rely on even in the most turbulent times:
Treat the retention of your existing customers as a top priority
There is a huge potential in your existing customer base, as numerous surveys have already proven that it is much easier to generate new purchases with them than to attract new interested parties. Customer loyalty is a huge treasure in itself, also because you know their habits, you know which product types they prefer. From time to time, it is important to let them know how much you appreciate them, for example, have a special sale open to them, or periodically double the points they receive on their loyalty card after a purchase.
Marketing should be the last thing you save on
It can be said about most companies that as soon as they sense a decrease in interest or experience an economic downturn, the first step is to reduce or even cut marketing costs. However, continuous communication and outflow is the key to what you have to say finding a relevant audience, so this should not be taken away from your webshop. In addition, starting with this line of thought, you correctly assume that the competition in your field also reduces the resources directed to marketing. If you do everything in the same way, or if you scale your marketing even further, then the crisis will be the opportunity for you to get to the top of the market.
It is therefore possible not only to stay afloat, but even to grow with the company during a recession, but it is conceivable that all this requires an additional investment of time and energy. So it is extremely difficult to allow yourself to go to the post office or vending machines with prepared packages in your precious working hours.