Insights from Rebekah Maurin, Senior Copywriter:
Many factors contribute to unstable financial markets, and as a business owner, the volatility can lead to many uncertainties. How should you navigate inflation and rising costs? Does it make sense to make adjustments to your marketing strategy? Is it even possible to grow at this time? While you may feel uneasy about your business’ future, you can rest assured these tips will help you feel more secure going forward.
Handling Inflation & Rising Costs
Common responses to inflation include raising prices, cutting corners to save and getting on board with smaller margins. But what if there is more you can do?
Making Changes to Secure Sales
The best way businesses can offset increasing costs and maintain their profit margin is by securing sales. To do so, consider making existing products and services more affordable, so your customer base continues to make purchases. If there is no wiggle room, you can also introduce less-expensive alternatives or prioritize higher priced products or services.
Analyze Business Processes to Save
If rising costs are still hindering your business, analyze your processes. Making small adjustments can streamline your business and increase productivity — saving you money. Businesses can also cut expenses where possible. Maybe you are paying for products or services that aren’t being used. Take stock and consider substituting for less expensive alternatives or cancelling altogether.
Refining Your Marketing Strategy
Unstable economic times can be unsettling, but you can change your business’ outlook by seeing this time as an opportunity.
Build Trust Through Messaging
Just like you, your customers are feeling uneasy. With so many choices available, consumers turn towards the brands they trust in trying times. To be that brand, adjust your messaging to reassure, instill confidence and show empathy. You can also craft informative content that is helpful in times like this. Whatever you chose to write about, be sure it reminds them your brand is trustworthy and worthwhile to buy from.
But your business can’t be all talk and no action. Sometimes in a down market, you have to put your business in front of people to garner more customers. Consider search ads and social media marketing to get in front of a new audience, while email marketing and location-based offers or loyalty programs can foster good will with your existing customer base.
Planning Ahead to Better Days
Now might be the ideal time to make updates to your website or sales collateral. If your business is experiencing a slowdown, think about revamping your website or conducting an in-depth rebrand. We won’t always have inflation and a slow market to contend with, so get prepared now to make an impact when the market bounces back. Just don’t forget this time period could impact your customers’ values — don’t forget to consider this when making long-term changes.
Need some help fine tuning your marketing? Let’s talk. As a full-service creative agency, our team is skilled in combining masterfully crafted copy with intentional, dynamic design. Learn more about how we can help you grow your business no matter what it’s facing.