How to Recession Proof Your Social Media Strategy
It's no secret that there's talk of the next recession, and as a business owner it's normal to feel a little anxious about what lies ahead. As a digital marketing agency owner, I've seen businesses struggle through financial hardship and one of the most common aspects that get's the axe first is the marketing budget.
This is one of the biggest mistakes you could make and it's counterproductive!
To keep your business top of mind for your ideal clients you need to stay in front of them, and that means marketing your business.
Having a strong social media strategy is a crucial element of not only keeping in front of your audience, but giving your business the opportunity to understand what's working, what's not and where you can pivot to ensure you're always getting the most out of your investment (time, money, effort and energy).
In this article, I will be providing tips on how to recession-proof your social media strategy and continue to connect with your customers even during tough times.
Understanding the Role of Social Media in Recession
As soon as things start to turn troublesome (financially speaking), businesses feel the need to reduce or remove their marketing budget to help cut back on costs. While this can help momentarily with cashflow, you're not doing yourself any favours in the long-run.
Imagine this, the recession hits and you and your biggest competitor are deciding what to do about marketing budgets. Your business decides to cut theirs to support the short-term cash-flow. Your competitor keeps running with their marketing activities. Fast forward a year or two from now - what percentage of overall brand awareness are your competitors likely to now hold in your industry? A lot more than you!
Retaining a marketing budget (and having one full stop) doesn't mean you need to be factoring in budget for large ad spends on Google or Facebook, having a marketing budget may be for the sole purpose of allowing your company to outsource it's social media to maintain an online presence and continue to connect with your audience, while retain your percentage of brand awareness within your market.
Social media provides a cost-effective solution for businesses to stay top of mind for their customers and continue to provide support during tough times. It's important to recognise the value of social media in a recession (and beyond) and prioritise it as a crucial component of your overall marketing strategy.
Tips for Recession-Proofing your Social Media Strategy
Here are a few simple and easy tips you can begin implementing within your own business to ensure your Social Media Strategy is recession-proofed.
Focus on organic content: With a limited budget, organic content (eg. content without an ad spend behind it) can help maintain a brand's presence and engage with its audience.
Utilise user-generated content: Encourage customers to share their experiences and engage with the brand through contests and giveaways.
Leverage influencer marketing: Collaborate with influencers who align with your brand values and can help increase brand visibility.
Embrace video content: Video content is becoming increasingly popular and can help drive engagement and build trust with your audience.
Monitor and adjust your strategy: Stay on top of trends, monitor engagement and adjust your strategy accordingly. A strategy is not a one and done document - it should become your reference point to ensure you're on track at all times with your social media progress.
While we may not have full certainty with the direction of the economy, maintaining a strong social media presence has never been more important. By following these tips and strategies, businesses can recession-proof their social media strategy and continue to connect with their audience. A strong social media strategy not only helps businesses weather tough times but also sets them up for success in the long run.
Have questions about whether your business's social media strategy is set up to be recession-proof? Drop us a message at info@thesocialcollective.co.nz - we're always happy to chat!
