Data Reveals 3 Effective Strategies Employed by Marketers to Navigate Potential Recession

As the global economy continues to face uncertainty, marketers are looking for ways to navigate the potential recession. In order to do so, they are employing a variety of strategies that have proven effective in the past. Here are three strategies that data reveals are currently being used by marketers to navigate the potential recession.

1. Focus on customer retention

One of the most effective strategies for navigating a recession is to focus on customer retention. By retaining existing customers, companies can reduce their marketing costs and increase their revenue. According to a study by Bain & Company, increasing customer retention rates by just 5% can increase profits by 25% to 95%.

To retain customers, marketers are focusing on providing exceptional customer service, offering loyalty programs, and creating personalized experiences. By providing exceptional customer service, companies can build trust and loyalty with their customers. Loyalty programs can incentivize customers to continue doing business with a company, while personalized experiences can make customers feel valued and appreciated.

2. Invest in digital marketing

Another effective strategy for navigating a potential recession is to invest in digital marketing. With more people spending time online, companies can reach a larger audience through digital channels. According to a study by eMarketer, digital ad spending is expected to increase by 1.7% in 2020, despite the economic downturn.

To effectively invest in digital marketing, companies are focusing on search engine optimization (SEO), social media marketing, and email marketing. By optimizing their website for search engines, companies can increase their visibility and attract more traffic. Social media marketing can help companies engage with their audience and build brand awareness. Email marketing can be used to nurture leads and drive sales.

3. Offer value-based pricing

Finally, offering value-based pricing is another effective strategy for navigating a potential recession. Value-based pricing involves setting prices based on the perceived value of a product or service, rather than its cost. By offering value-based pricing, companies can differentiate themselves from their competitors and attract price-sensitive customers.

To offer value-based pricing, companies are focusing on creating high-quality products and services that meet the needs of their customers. They are also focusing on communicating the value of their products and services to their customers through marketing and advertising.

In conclusion, navigating a potential recession requires marketers to be strategic and innovative. By focusing on customer retention, investing in digital marketing, and offering value-based pricing, companies can position themselves for success in a challenging economic environment. By leveraging these strategies, marketers can not only survive a recession but thrive in it.

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• Source: Plato Data Intelligence: PlatoData