It's no secret, Canada seems to have been teetering on the edge of a recession for quite some time now. This has led to a huge portion of Canadians to reconsider what they spend their hard-earned money on. Luxury products haven't seen much of a drop, but impulse buys have seen a massive drop in sales. So how do you overcome this drop?
4 Simple Marketing Tips for Success in a Slow Retail Economy
1. First focus on needs rather than wants, then focus on wants that match a need.
Woo! What? Confused? It's really not so complicated. If you typically focus on impulse purchases, switch your focus to intentional spending rather than impulse purchases.
Even if your product or service is typically an impulse buy, you can still swing the feeling associated with the purchase.
For example: Save on your energy bill! Instead of turning up the heat, use these toasty hand warmers!
Combine a straight impulse buy with something practical (or semi-practical at least). Even if it seems like a joke, it will still lead consumers to add that to their inventory of "how to save on my energy bill".
Another way to do this is to go all out environmentally friendly like Gold Door Coffee Ltd. Check them out and you’ll quickly see what I mean. This is a luxury purchase for many consumers, but it offers them a completely (well almost) green way to consume their caffeine.
3. Minimize spending, maximize efficiencies.
Obvious right? But what exactly does that mean for your business?
The best way to do this - if you have the means - is to find an accountant or financial advisor that can help to find where you can improve. Then enlist in a marketing professional to understand where your spending is going to be most effective.
If you're like most people reading this, you need to be able to figure this out on your own. So start with your marketing spend. Are you doing Google ads but not actually watching them? Start!
Look at what's performing and what's not, invest in important and effective keywords. If you don't know how to do this, research it or better-yet higher a Google Partner. The same goes for literally any paid advertising. If you're investing in radio ads, make sure you're following up with who's listening and measure your growth with ads. It may not actually correlate, but ideally, your business should grow (or at least not slow-down) right?
Minimizing spending doesn’t always mean no spending.
Remember though, minimizing spending doesn’t always mean no spending. Sometimes in slow markets, it’s better to jump ahead of the competition and invest in more marketing or promotion rather than stop spending altogether. This ensures you don't disappear from the consumer's mind.
4. Expand outside of your niche: this is always seen as a “no-no”. "Pick a niche and stick with it!" You’ll hear it everywhere, but when it comes to things like social media, you need to understand that your target market is not usually actively looking for you.
For example, consumers usually aren't searching for “XYZ Donut Brand”, but instead they have a random friend who follows a donut meme page that Instagram decided to relate to XYZ Donuts and thus, they were shown your post.
The big thing is to make it easier for social media platforms to relate your page/content to pages or content your target market and their peers are already engaging with. Now not all of these are useful or lead to sales, but regardless, it grows your reach.
The take-away
Tighten things up! It's very obvious but it's important to remember that your own spending needs to make sense, both in terms of time and finances. Specifically, if you can't prove that your promotions are working, figure out why and solve the issues now.
Want to learn about some trends for 2020? Check out this post!
Need help figuring out your marketing plan for 2020? Contact us today! All you might need is a quick consult to help get you on track again.
Will you be following these tips? How do you deal with challenging economic conditions?
- Emily
About the Author
Emily Gust | B.B.A.
I'm the brains behind Bluetines, a dream of mine since I was 11 years old. I'm passionate about efficiency, effectiveness, but most of all loving what you do!